Myomo, Inc. Announces Closing of Public Offering and Full Exercise of Over-Allotment Option
February 12 2019 - 4:05PM
Business Wire
Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a
wearable medical robotics company that offers increased
functionality for those suffering from neurological disorders and
upper limb paralysis, today has closed its previously announced
underwritten public offering of 3,950,000 shares of common stock at
an offering price of $1.40 per share. In connection with the
offering, the underwriter exercised in full its over-allotment
option to purchase an additional 592,500 shares of common stock at
the public offering price, less underwriting discounts and
commissions. All of the shares of common stock were offered by the
Company.
In total, the public offering size was 4,542,500 shares of
common stock and the gross proceeds were approximately $6.4
million, before deducting underwriting discounts and other offering
expenses.
Myomo intends to use the net proceeds from the offering for
working capital and other general corporate purposes. National
Securities Corporation, a wholly owned subsidiary of National
Holdings Corporation (NASDAQ: NHLD), acted as sole book-running
manager for the proposed offering.
A shelf registration statement on Form S-3 relating to the
shares of common stock being offered was filed with the Securities
and Exchange Commission (the “SEC”) and is effective. Copies of the
final prospectus supplement and the accompanying base prospectus
relating to this offering may be obtained from: National Securities
Corporation, Attention: Christopher Passarelli, 200 Vesey Street,
25th Floor, New York, New York 10281, telephone: (212) 417-8164 or
by email at prospectusrequest@nationalsecurities.com; or on the
SEC’s website at http://www.sec.gov.
This announcement shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
About Myomo
Myomo, Inc. is a wearable medical robotics company that offers
expanded mobility for those suffering from neurological disorders
and upper limb paralysis. Myomo develops and markets the MyoPro
product line. MyoPro is a powered upper limb orthosis designed to
support the arm and restore function to the weakened or paralyzed
arms of patients suffering from CVA stroke, brachial plexus injury,
traumatic brain or spinal cord injury, ALS or other neuromuscular
disease or injury. It is currently the only marketed device that,
sensing a patient’s own EMG signals through non-invasive sensors on
the arm, can restore an individual’s ability to perform activities
of daily living, including feeding themselves, carrying objects and
doing household tasks. Many are able to return to work, live
independently and reduce their cost of care. Myomo is headquartered
in Cambridge, Massachusetts, with sales and clinical professionals
across the U.S. For more information, please visit
www.myomo.com.
Safe Harbor
All statements in this release that are not based on historical
fact are “forward-looking statements.” While management has based
any forward-looking statements included in this release on its
current expectations, the information on which such expectations
were based may change. Forward-looking statements involve inherent
risks and uncertainties which could cause actual results to differ
materially from those in the forward-looking statements, as a
result of various factors including those risks and uncertainties
described in the prospectus supplement and accompanying prospectus,
including our other filings with the SEC that are incorporated by
reference therein, which can be found on the SEC’s website at
www.sec.gov. We urge you to consider those risks and uncertainties
in evaluating our forward-looking statements. We caution readers
not to place undue reliance upon any such forward-looking
statements, which speak only as of the date made. Except as
otherwise required by the federal securities laws, we disclaim any
obligation or undertaking to publicly release any updates or
revisions to any forward-looking statement contained herein (or
elsewhere) to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20190212005884/en/
Investor Relations:Vivian CervantesPCG
Advisory646-863-6274vivian@pcgadvisory.comPublic
Relations:Matter CommunicationsSarah
Karr978-518-4817myomo@matternow.com
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