Myomo prices $6m offering, sees shares slide

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Myomo today priced an upcoming $5.5 million public offering and has seen its share value slide nearly 20% in early morning trading.

The Cambridge, Mass.-based wearable medical robotics company said it plans to float approximately 4 million shares of its common stock at a price of $1.40 per share. The round will also include a 45-day underwriter’s option to purchase an additional 592,500 shares at the offering price, according to a press release.

Myomo said that it expects to receive gross proceeds of approximately $5.5 million, excluding expenses and fees. If the underwriter exercises its over-allotment option in full, gross proceeds are expected to be approximately $6.4 million, the company said.

National Securities Corporation is acting as the sole book-runner for the offering, Myomo added.

Funds raised in the round will be used to support working capital and general corporate purposes, the company said in a press release. The offering is expected to close on February 12.

Shares in Myomo have fallen approximately 19.9% today, at $1.36 as of 9:41 a.m. EST.

Earlier this week, Myomo said that it named David Henry as its new CFO, taking over for current chief financial officer Ralph Goldwasser, who is retiring effective February 18.

The post Myomo prices $6m offering, sees shares slide appeared first on MassDevice.

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