Myomo closes $15m public offering

February 20, 2020 By Sean Whooley Leave a Comment

Myomo (NYSE:MYO) announced that it closed its previously announced underwritten public offering of common stock or common stock equivalents for gross proceeds of $15 million.

The offering included more than 2.1 million shares of Cambridge, Mass.–based Myomo’s common stock or equivalents, along with an equal amount of investor warrants to purchase one share of common stock at a combined offering price of $7 per share.

Investor warrants include an exercise price of $7.50 per share of underlying common stock, are immediately exercisable and expire five years after the date of issuance. According to a news release. all pre-funded warrants purchased by investors were subsequently exercised for shares of common stock.

Roth Capital Partners acted as sole book-running manager for the public offering, while Dougherty & Co. acted as co-manager.

Last month, Myomo shares dropped after its board of directors effected a reverse stock split of the company’s common stock at a 1-for-30 ratio. Two weeks later, the commercial-stage medical robotics company’s shares were down nearly 45% to $6.46 apiece after it announced the $15 million pricing of the public offering.

MYO shares dropped again today, as they are down -8.9% at $7.13 per share in mid-morning trading.

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