As previously reported, Maxim analyst Jason McCarthy downgraded Co-Diagnostics to Hold from Buy. The company received written notice from NASDAQ that it had decided to delist the company's stock due to non-compliance with the minimum bid price requirement, the analyst tells investors in a research note. Delisting does not change the firm's fundamentally positive view regarding the company's prospects, Co-Primer technology, and the commercial potential of the PCR Pro, but to unlock value, Co-Dx will likely need to access capital markets and raise additional capital, which is made considerably more difficult without a major exchange listing, the firm added.
