EXHIBIT
4.1


 


DESCRIPTION
OF REGISTRANT’S SECURITIES REGISTERED UNDER SECTION 12 


OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED


 


As
of March 24, 2021, Co-Diagnostics, Inc. (“Co-Diagnostics” or the “Company”) had one class
of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
common stock, par value $0.001 per share (“Common Stock”). The Company’s Common stock is listed on NASDAQ
Capital Markets under the symbol “CODX” since July 12, 2017.


 


The
following description of our capital stock summarizes certain provisions of articles of incorporation, as amended (the “Articles
of Incorporation”), our bylaws (the “Bylaws”), and applicable provisions of law. Such summaries do
not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our
Articles of Incorporation and our Bylaws, including the definitions therein of certain terms, and all of the applicable provisions
of law. Copies of our Articles of Incorporation and our Bylaws are filed or incorporated by reference as exhibits to our Annual
Report on Form 10-K.


 


References
in this Exhibit to the “Company,” “us,” “we,” and “our” are solely to Co-Diagnostics,
Inc. and not to any of its subsidiaries, unless the context requires otherwise.


 


DESCRIPTION
OF COMMON STOCK


 


Authorized
Capital Stock


 


Pursuant
to our Articles of Incorporation, our authorized capital stock presently consists of 100,000,000 shares of Common Stock, par value
$0.001 per share, and 5,000,000 shares of “blank check” preferred stock, par value $0.001 per share. As of March 24,
2021, there were 28,665,714 shares of Common Stock, par value $0.001 per share, outstanding.


 


Common
Stock


 


Fully
Paid and Non-Assessable Shares; No Liability for Corporate Obligations


 


All
of the outstanding shares of Common Stock are fully paid and non-assessable. A share of Common Stock is fully paid and non-assessable
if such share has been issued for consideration legally permissible under the Utah Revised Business Corporation Act with a value
at least equal to the par value per share of Common Stock. Holders of fully paid and non-assessable shares of the Common Stock
will not be liable for any obligations or liabilities of the Company that the Company may fail to discharge.


 


Voting
Rights


 


Each
holder of shares of Common Stock is entitled to one vote for each share owned of record on all matters submitted to a vote of
shareholders. Except as noted below or as otherwise required by the Utah Revised Business Corporation Act, the vote of shareholders
is required to decide any matter brought before a shareholder meeting at which a quorum is present. The holders of a majority
of the outstanding shares of our stock must approve any amendments to our Articles of Incorporation, any merger or consolidation
to which we are a party (other than parent-subsidiary mergers), any sale of all or substantially all of our assets or our dissolution
as a corporation. Our shareholders do not have cumulative voting rights as to the election of directors.


 


Dividends


 


Subject
to the preferential rights of any holders of any series of our preferred stock that may be issued in the future, the holders of
shares of Common Stock are entitled to such dividends and distributions, whether payable in cash or otherwise, as may be declared
from time to time by our board of directors from legally available funds.


 


We
have never declared or paid any cash dividends on our capital stock. The payment of dividends on our Common Stock in the future
will depend on our earnings, capital requirements, operating and financial condition, and such other factors as our board of directors
may consider appropriate. We currently expect to use all available funds to finance the future development and expansion of our
business and do not anticipate paying dividends on our Common Stock in the foreseeable future.


 




    	 



    	 



    

 


Liquidation
Distributions


 


Subject
to the preferential rights of any holders of any series of our preferred stock that may be issued in the future, upon our liquidation,
dissolution, or winding-up, and after payment of all prior claims against our assets and our outstanding obligations, the holders’
shares of Common Stock will be entitled to receive, pro rata, all of our remaining assets.


 


Preemptive,
Conversion, Redemption, or Similar Rights


 


The
holders of shares of Common Stock are not entitled to any preemptive or other similar rights to subscribe for or acquire additional
shares of Common Stock or any other securities of the Company. The shares of Common Stock are not subject to conversion or redemption
by the Company and the holders of shares of Common Stock do not have any right or option to convert such shares into any other
security or property of the Company or to cause the Company to redeem such shares of Common Stock. There are no sinking fund provisions
applicable to the Common Stock.


 


Listing


 


Shares
of the Common Stock are listed for trading on the NASDAQ Capital Markets under the symbol “CODX.”


 


Transfer
Agent and Registrar


 


The
transfer agent and registrar for the Common Stock is VStock Transfer Company, Inc. located at 18 Lafayette Pl, Woodmere, New York
11598. Its telephone number is (212) 828-8436.


 


Preferred
Stock


 


Shares
of our preferred stock are NOT listed for trading. The description herein is provided solely to show the potential effect
on our Common Stock.


 


Our
Articles of Incorporation authorizes 5,000,000 shares of “blank check” preferred stock, par value $0.001 per share,
of which 30,000 have been designated as Series A Convertible Preferred Stock.


 


All
30,000 previously outstanding shares of Series A Preferred Stock were converted into Common Stock during 2020 and 2019. The board
of directors of the Company may provide for the issue of any or all of the unissued and undesignated shares of the preferred stock
in one or more series, and to fix the number of shares and to determine or alter for each such series, such voting powers, full
or limited, or no voting powers, and such designation, preferences, and relative, participating, optional, or other rights and
such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted
by the board of directors providing for the issuance of such shares and as may be permitted by law, without shareholder approval.


 


Our
board of directors has the right to establish one or more series of preferred stock without shareholder approval. Unless required
by law or by any stock exchange on which our Common Stock is listed, the authorized shares of preferred stock will be available
for issuance at the discretion of our board of directors without further action by our shareholders. Our board of directors is
able to determine, with respect to any series of preferred stock, the terms and rights of that series, including:


 


	 	●	the
    designation of the series;
	 	 	 
	 	●	the
    number of shares of the series;
	 	 	 
	 	●	whether
    dividends, if any, will be cumulative or non-cumulative and the dividend rate, if any, of the series;


 




    	 



    	 



    

 


	 	●	the
    dates at which dividends, if any, will be payable;
	 	 	 
	 	●	the
    redemption rights and price or prices, if any, for shares of the series;
	 	 	 
	 	●	the
    terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;
	 	 	 
	 	●	the
    amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution, or winding-up
    of the affairs of our company;
	 	 	 
	 	●	whether
    the shares of the series will be convertible into shares of any other class or series, or any other security, of our company
    or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or
    prices or rate or rates and provisions for any adjustments to such prices or rates, the date or dates as of which the shares
    will be convertible, and all other terms and conditions upon which the conversion may be made;
	 	 	 
	 	●	the
    ranking of such series with respect to dividends and amounts payable on our liquidation, dissolution, or winding-up, which
    may include provisions that such series will rank senior to our Common Stock with respect to dividends and those distributions;
	 	 	 
	 	●	restrictions
    on the issuance of shares of the same series or any other class or series; or
	 	 	 
	 	●	voting
    rights, if any, of the holders of the series.


 


The
issuance of preferred stock could adversely affect, among other things, the voting power of holders of Common Stock and the likelihood
that shareholders will receive dividend payments and payments upon our liquidation, dissolution, or winding up. The issuance of
preferred stock could also have the effect of delaying, deferring, or preventing a change in control of us.


 


If
we issue shares of preferred stock, the shares will be fully paid and nonassessable and will not have, or be subject to, any preemptive
or similar rights.