# Co-Diagnostics Secures Up to $3.1 Million Convertible Financing Package

- URL: https://stocks.freetheai.org/news/co-diagnostics-secures-up-to-3-1-million-convertible-financing-package-5e5caf
- Published: 2026-10-13T10:13:00Z
- Category: company_news; sentiment: bullish; impact: medium
- Symbols: [NASDAQ:CODX](https://stocks.freetheai.org/symbols/NASDAQ-CODX)
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Co-Diagnostics, Inc. (CODX) has secured a senior secured convertible financing package of up to $3.1 million led by J.J. Astor & Co. The deal initially provides $2.1 million in funding, with an option to draw an additional $1.0 million. Following the news, shares of the company rose 11.61% to $1.25.

The financing carries a 1.35x factor, a 4% origination fee, and repayment across 30 weekly installments. To secure the funding, Co-Diagnostics granted a senior lien on assets, obtained subsidiary guarantees, and issued 600,000 commitment shares. The agreement also establishes an at-the-market proceeds waterfall with J.J. Astor & Co. and Maxim Group to prioritize debt repayment using equity sales.

The added capital is intended to bolster liquidity for the molecular diagnostics business. Investors will be monitoring how effectively the capital is deployed and tracking potential equity dilution from conversion rights and resale registration agreements.

## Key points

- Co-Diagnostics, Inc. (CODX) secured up to $3.1 million in senior secured convertible financing led by J.J. Astor & Co., with $2.1 million funded initially.
- The notes carry a 1.35x factor, a 4% origination fee, and 30 weekly repayment installments backed by a senior lien and subsidiary guarantees.
- Co-Diagnostics issued 600,000 commitment shares and set up an ATM proceeds waterfall with Maxim Group and J.J. Astor & Co. to service debt.
- Shares of NASDAQ:CODX surged 11.61% to $1.25 following the announcement.

## Questions and answers

### How much financing did Co-Diagnostics secure?

Co-Diagnostics secured a financing package of up to $3.1 million, with $2.1 million funded initially and an option for an additional $1.0 million.

### Who led the financing deal for Co-Diagnostics?

The senior secured convertible loan package was led by investment firm J.J. Astor & Co., with Maxim Group acting as the placement agent.

### What are the main terms of Co-Diagnostics' convertible notes?

The notes feature a 1.35x factor, a 4% origination fee, 30 weekly repayment installments, and VWAP-based conversion terms backed by a senior lien and subsidiary guarantees.