Co-Diagnostics Engages Maxim Group to Pursue SPAC Transaction for its Indian Joint Venture, CoSara Diagnostics Pvt. Ltd

SALT LAKE CITY, Nov. 5, 2025 /PRNewswire/ -- Co-Diagnostics, Inc. (Nasdaq: CODX) (the "Company" or "Co-Dx"), a molecular diagnostics company with a patented platform for developing advanced molecular diagnostic tests, today announced that it has engaged Maxim Group LLC ("Maxim") as its exclusive financial advisor to assist the Company in identifying potential strategic alternatives for the Company's Indian joint venture, CoSara Diagnostics Pvt. Ltd. ("CoSara"), including a merger with a Special Purpose Acquisition Company ("SPAC") or similar entity listed on a U.S. national securities exchange.

"We are pleased to be working with Maxim as we seek to unlock value for CoSara, and for our shareholders, and to help CoSara fully realize its founding vision," said Dwight Egan, Co-Diagnostics' CEO.

Established in 2017, CoSara is a joint venture between Co-Diagnostics Inc. and Synbiotics Ltd, a group company of Asence Inc., a U.S. company that specializes in supplying pharmaceutical products to international markets. Asence and Synbiotics are both subsidiaries of Ambalal Sarabhai Enterprises Ltd., a publicly-listed company on the Bombay Stock Exchange. Using the core competencies of its partner companies, CoSara intends to manufacture and sell molecular diagnostics products to patients and healthcare providers in certain international markets with an initial focus on India.

About Co-Diagnostics, Inc.:

Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets state-of-the-art diagnostics technologies. The Company's technologies are utilized for tests that are designed to detect and/or analyze nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR at-home and point-of-care platform (subject to regulatory review and not currently for sale) and to identify genetic markers for use in applications other than infectious disease.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the engagement of Maxim Group LLC as Co-Diagnostics' exclusive financial advisor, potential strategic alternatives for CoSara Diagnostics Pvt. Ltd., including a merger with a Special Purpose Acquisition Company ("SPAC") or similar entity listed on a U.S. national securities exchange, the Company's expectations regarding unlocking value for CoSara and its shareholders, CoSara's plans to manufacture and sell molecular diagnostics products in India and other international markets, and the development, regulatory review, and commercialization of Co-Diagnostics' products and technologies. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements, including but not limited to risks related to the identification, negotiation, and execution of any strategic transaction, obtaining necessary approvals, market acceptance of CoSara's products, manufacturing and operational challenges, and global economic or geopolitical conditions. Additional information about these and other risks is included in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are based on current expectations and assumptions, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

SOURCE Co-Diagnostics