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Co-Diagnostics' Shares Retreat on First Day on Nasdaq

NEW YORK (360Dx) – Co-Diagnostics ended its first day as a public traded firm with its shares down about 3 percent on the Nasdaq.

The firm went public on Wednesday with an offering of more than 1.1 million shares at $6 per share. Trading on the Nasdaq Capital Market under ticker symbol CODX, its shares ended the day at $5.81 per share.

Total gross proceeds from IPO was $7.1 million, the firm said.

The Utah-based molecular diagnostics firm said earlier in the week that it planned to offer about 1.3 million shares of its stock in its IPO at between $6.35 and $6.75 per share,

WallachBeth Capital and Network 1 Financial Securities acted as co-book running managers on the offering. ViewTrade Securies was the co-manager.

The underwriters have a 45-day option to purchase up to 176,780 additional shares of common stock from Co-Diagnostics to cover any overallotment.

Net proceeds from the offering will go toward test development; expansion of laboratory facilities; in-field test performance evaluation and validation; regulatory filings for diagnostic tests; and for working capital and general corporate purposes.

In afternoon trading on Thursday, Co-Diagnostics' shares were down 3 percent at $5.63.

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