Financing ·
Co-Diagnostics borrows up to $3.1M via senior secured convertible notes with J.J. Astor & Co
CODXCo-Diagnostics, Inc.
Co-Diagnostics entered into a loan agreement with J.J. Astor & Co. for up to $3.1 million in aggregate principal funding, initially receiving $2.1 million and issuing a senior secured convertible installment promissory note with an original principal amount of $2.835 million. The company may elect to borrow an additional $1.0 million later. Proceeds are intended for general working capital. The notes carry a factor rate of 1.35, require weekly installments over 30 weeks, and are secured by substantially all assets. Conversion into common stock is permitted at the lender's option based on VWAP discounts subject to floor prices. Co-Diagnostics operates in the diagnostics industry.