SCHEDULE: Ayrton Capital Discloses 9.7% Stake in Co-Diagnostics

Ayrton Capital LLC, along with Alto Opportunity Master Fund and Waqas Khatri, reported a 9.70% beneficial ownership stake in Co-Diagnostics, Inc. common stock.

Summary

• Ayrton Capital LLC, Alto Opportunity Master Fund, SPC Segregated Master Portfolio B, and Waqas Khatri collectively reported beneficial ownership of 3,738,327 shares of Co-Diagnostics, Inc. common stock.
• This ownership represents 9.70% of the issuer's outstanding common stock.
• The shares are held by Alto Opportunity Master Fund, SPC Segregated Master Portfolio B, with Ayrton Capital LLC serving as its investment manager.
• Waqas Khatri is identified as the managing member of Ayrton Capital LLC and a director of Alto Opportunity Master Fund.
• The percentage of class is based on 38,523,582 shares of Common Stock outstanding as of August 12, 2025, as reported in Co-Diagnostics, Inc.'s Form 10-Q filed on August 14, 2025.
• The reported holdings of the Reporting Persons are as of September 30, 2025.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Co-Diagnostics, Inc.

Sentiment

Score: 7

Explanation: The disclosure of a nearly 10% beneficial ownership by an investment manager and its fund suggests a strong conviction in Co-Diagnostics, Inc. by a sophisticated investor. This can be viewed positively by the market as it signals institutional interest and potential long-term commitment.

Positives

• A significant institutional investor, Ayrton Capital LLC, has taken a substantial 9.70% stake in Co-Diagnostics, Inc., potentially signaling confidence in the company's future prospects.
• The investment is stated to be in the ordinary course of business, suggesting a long-term investment strategy rather than an activist play.

Future Outlook

NA

Industry Context

This filing indicates a significant investment by an institutional fund in Co-Diagnostics, Inc., a company likely operating in the diagnostics or biotechnology sector. Such an investment could reflect a positive view on the company's market position or future product pipeline within its industry, though the filing itself does not provide specific industry analysis.

Stakeholder Impact

• Shareholders: May view the significant institutional investment as a positive signal, potentially increasing confidence and demand for the stock.
• Company Management: A large institutional holder may exert influence or engage with management on strategic decisions, though the filing states the investment is not for control purposes.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by Ayrton Capital LLC in Co-Diagnostics, Inc. is a positive signal, indicating confidence from a sophisticated investor, this Schedule 13G filing alone does not provide sufficient operational or financial details to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and await further financial reports or strategic announcements from Co-Diagnostics, Inc. to make a more informed decision, using this ownership disclosure as a data point for institutional interest.

Keywords

Co-Diagnostics, CDX, Ayrton Capital, Alto Opportunity Master Fund, Waqas Khatri, beneficial ownership, Schedule 13G, common stock, investment, institutional investor