Co-Diagnostics enters loan deal with J.J. Astor for up to $3.1 million
CODX•Co-Diagnostics entered a loan agreement with J.J. Astor for up to $3.1 million. It received $2.1 million initially, with an option to borrow another $1 million after 60 days.
1. Initial funding
Co-Diagnostics entered the agreement on Oct. 9, 2026, receiving $2.1 million in initial funding through a senior secured convertible note with $2.835 million in original principal. After a 4% origination fee, net proceeds were about $2.016 million before other transaction expenses.
2. Loan terms
The company may elect to borrow an additional $1 million after 60 days, in exchange for a $1.35 million note. The notes have a 1.35 factor rate and are repayable in 30 weekly installments; proceeds are for general working capital. The financing is secured by a senior-priority lien on substantially all assets, and subsidiaries provide guarantees. Co-Diagnostics also issued 600,000 commitment shares.
