CODX Stock Plunges To All-Time Lows On 1-for-30 Reverse Stock Split Approval

• Shareholders approved a reverse stock split range of 1-for-2 to 1-for-30 at a special meeting on December 5.
• Split-adjusted trading will begin on the Nasdaq at market open on January 2.
• The company’s quarterly sales have fallen short of Wall Street estimates in the past four quarters, according to Koyfin data.

Shares of Co-Diagnostics Inc. (CODX) slumped 20% to an all-time low after the company announced a 1-for-30 reverse stock split, in an attempt to regain compliance with Nasdaq’s $1.00 minimum bid price rule.

The reverse split will consolidate 30 outstanding shares into one, with adjustments made to stock options and warrants. Split-adjusted trading will begin on the Nasdaq at market open on January 2. The company noted that fractional shares will not be issued.

Earlier, shareholders approved a reverse stock split range of 1-for-2 to 1-for-30 at a special meeting on December 5, with the board ultimately choosing the 1-for-30 option. After the reverse split becomes effective, Co-Diagnostics will have around 2.1 million outstanding shares.

2025 Highlights

The company posted a weak third-quarter (Q3) print last month, with revenue falling 83% even as net loss narrowed to $5.9 million. Its quarterly sales have fallen short of Wall Street estimates in the past four quarters, according to Koyfin data.

In October, Co-Diagnostics signed an agreement with Saudi Arabia–based Arabian Eagle Manufacturing to form a joint venture called CoMira Diagnostics. The JV will develop, manufacture, and commercialize Co-Dx technologies, including its polymerase chain reaction (PCR) point-of-care platform, across Saudi Arabia and 18 other countries in the Middle East and North Africa.

On Monday, Co-Diagnostics said it had been granted a patent in Australia covering its new Co-Dx PCR platform, strengthening the company’s intellectual property portfolio. The patent provides broad protection in Australia for the design and operation of the Co-Dx PCR Pro instrument and test system.

How Did Stocktwits Users React?

Retail sentiment on Stocktwits has remained in the ‘bearish’ territory over the past 24 hours.

A Stocktwits user saw a "silver lining’ in the potential low float.

CODX stock has been under heavy selling pressure this year, declining more than 75%.

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