Myomo Announces Pricing of Underwritten Public Offering

On December 4, 2024, Myomo, Inc. entered into an Underwriting Agreement with Craig-Hallum Capital Group LLC, as the underwriter, to issue and sell 3,000,000 shares of the Company’s common stock, par value $0.0001 per share, at a price to the public of $5.00 per share. This Offering includes an option for the underwriter to purchase an additional 450,000 shares of Common Stock. The net proceeds to the Company from the Offering, after deductions, are estimated to be approximately $15.8 million.

The funds raised are intended to accelerate revenue growth by increasing advertising expenses and headcount, supporting expected revenue growth in the direct billing channel, investments in systems for orthotics, prosthetics channel growth, scaling operations, product development, and sustaining engineering activities. The Offering is expected to close on December 6, 2024, subject to customary closing conditions.

The Offering is being conducted through a prospectus supplement dated December 4, 2024, filed with the SEC, along with an accompanying base prospectus as part of the registration statement. The Underwriting Agreement outlines customary representations, warranties, and covenants, with Goodwin Procter LLP providing a legal opinion on the issuance and sale of shares.

The Company issued press releases on December 4 and December 5, 2024, announcing the launch and pricing of the Offering, respectively. The Company cautions investors with forward-looking statements regarding the Offering, revenue growth, and intended use of proceeds, referencing risks detailed in SEC filings.

In a separate event disclosed on December 4, 2024, the Company shared the pricing of the Public Offering at $5.00 per share, with expected gross proceeds of approximately $15.0 million. Craig-Hallum Capital Group is the sole managing underwriter for the Offering.

Myomo intends to utilize the Offering’s net proceeds along with current cash reserves to drive revenue growth, enhance advertising efforts, support channel growth, and further product development activities. The Offering is made pursuant to a shelf registration statement filed with the SEC.

Myomo is a wearable medical robotics company offering solutions for arm and hand function improvement in individuals with neurological disorders and upper-limb paralysis. Accrediting “Form 8-K” declares that the contained forward-looking statements are subject to uncertainties, with disclosures of risks from prior SEC filings. The Company does not intend to update forward-looking statements outside of legal requirements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Myomo’s 8K filing here.

About Myomo

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States, China, Germany, and internationally. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis product used for supporting a patient’s weak or paralyzed arm to enable and improve functional activities of daily living.