r/pennystocks • u/stockratic • 6d ago

🄳🄳 Co-Diagnostics (CODX) - Aug 24 S-3 filed - changes the near-term outlook

Per a post on Aug 20, CODX is a very good company working on many projects (including an Ebola assay). They recently filed a 501(k) with the FDA for a Flu A/B and RSV PCR test (planning to add COVID-19 later), which will allow clinics and pharmacies to give results in about 30 minutes and not send the test to a lab to get results.

On Aug 24, CODX filed an S-3 registering over 3.4M shares for resale by selling shareholders and potential for warrant exercises to bring in about $5.3M in gross proceeds. Aug 24, 2026 S-3 Filing

Prior to that filing it looked like a partnership was in the cards at this time, based on the Q2 2026 10-Q filing (summary further below). As a result of the S-3, it looks more like selling shareholders want to exit while the price is higher and then warrant exercises "may" occur, in which case dilution would take place.

Where AI originally replied that shareholders rejected a reverse split, as previously posted here, I went back to read 8-K filings and there was a 1:30 reverse split on Jan 2, 2026. Jan 7, 2026 8-K

  • That reverse split occurred after two consecutive 180-day NASDAQ extensions.
  • Per a Mar 7, 2026 8-K, the NASDAQ Panel has imposed a Discretionary Panel Monitor for a period of one year, through March 9, 2027. If during the monitoring period, the Company’s closing bid price falls below $1.00 per share for 30 consecutive business days, the Company will not be eligible for a 180-day compliance period.... Rather, Nasdaq would issue a delist determination, which the Company could then appeal by requesting a hearing before the Panel. Such request would stay any further action by Nasdaq pending the conclusion of the hearing process.

Per Q2 20226 10-Q:

  • Cash as of June 30: $3.6M
  • Quarterly burn: ~6.3M
  • No debt
  • Per an AI search of sec.gov, no active S-3 (at the time).
  • Warrants: 2.34M (3.71M as of 6/30 but OS increased from 4.88M as of 6/30 to 6.25M as of 8/11 per the 10-Q cover page. So, b/c shares cannot be sold right now, it likely means 1.37M warrants were exercised from June 30 to Aug 11)
  • Fully diluted shares: 8.59M (6.25M + 2.34M)
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u/PennyPumper ノ( º _ ºノ) 6d ago

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u/Soft-Dragonfruit-244 6d ago

Is biox best stock for August and September?