Co-Diagnostics signs up to $3.1 million convertible loan with J.J. Astor & Co.
On October 9, 2026, Co-Diagnostics entered a Loan Agreement with J.J. Astor & Co. for up to $3.1 million, with an initial $2.1 million funded at closing against a note with an original principal of $2.835 million. The notes are secured by substantially all company and subsidiary assets, are payable in 30 weekly installments, and can be converted into common stock at a discount to market, which could dilute existing shareholders; ATM sale proceeds are also routed to the lender.
Key points
- Initial loan funded: $2.1 million; initial note original principal: $2.835 million; net initial proceeds about $2.016 million after a 4% origination fee
- Conversion price is the greater of 90% of the lowest 10-day VWAP and the Nasdaq-based floor, with 600,000 commitment shares issued to the lender
- Initial $1.0 million of ATM net proceeds is payable to the lender, with 80% of later net proceeds applied to the notes
- Placement agent Maxim Group LLC receives a 5.0% cash fee on gross proceeds; a 19% default interest rate applies after an event of default
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 13, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.