Myomo, Inc. priced an underwritten public offering of 3,000,000 shares of its common stock at $5.00 per share. The gross proceeds from this offering are expected to be approximately $15.0 million, before deducting underwriting discounts and other expenses.
The company granted the underwriter a 30-day option to purchase up to 450,000 additional shares of common stock at the public offering price, less the underwriting discount. The offering is expected to close on or about December 6, 2024, subject to customary conditions.
Net proceeds will be used to accelerate revenue growth by increasing advertising expenses and headcount for the direct billing channel. Funds will also support investments in the O&P channel, scaling operations, product development, and general corporate purposes.
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