Chembio Diagnostics (CEMI) Prices 2.34M Common Stock Offering at $11.75/sh

Chembio Diagnostics, Inc. (Nasdaq: CEMI), a leading point-of-care diagnostic company focused on infectious diseases, announced today the pricing of its previously announced public offering of 2,338,468 shares of its common stock at a public offering price of $11.75 per share for gross proceeds of approximately $27.5 million. In addition, Chembio has granted the underwriters a 30-day option to purchase up to an additional 350,770 shares of common stock at the public offering price less the underwriting discounts and commissions. All shares of common stock to be sold in the offering will be offered by Chembio. The offering is expected to close on or about May 11, 2020, subject to the satisfaction of customary closing conditions.

Chembio intends to use the net proceeds from the offering to support the refocus of its business strategy, including the manufacturing and further commercialization of the DPP COVID‑19 System, to expand its sales force to support growth, to increase its manufacturing capacity and for other general corporate purposes.

Baird is acting as sole book‑running manager for the proposed offering. Dougherty & Company LLC is acting as co-manager for the proposed offering.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333‑227398) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and a preliminary prospectus supplement and accompanying prospectus filed with the SEC on May 6, 2020, which are available on the SEC’s website located at www.sec.gov.

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