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Myomo prices upcoming $10m offering

By Fink Densford | November 30, 2017

MyomoMyomo today priced an upcoming offering, looking to raise approximately $10 million to support its myoelectric braces and orthotics designed for individuals with neuromuscular disorders.

In the offering, the Cambridge, Mass.-based company is looking to float approximately 4.2 million shares and warrants to purchase an additional 4.2 million shares at $2.40 per share. Warrants offered in the round will be exercisable immediately at a price of $2.95 per share, set to expire on December 4, 2022.

The offering includes a 45-day underwriter’s option to purchase an additional 626,250 shares of common stock and warrants for an additional 626,250 shares. The offering is expected to close December 4.

Roth Capital Partners is acting as the sole manager for the offering, according to a press release.

Myomo said it expects to collect approximately $9.1 million from the offering after underwriter discounts, commissions and other fees and expenses. The company intends to use the funds for debt repayment, working capital and other general corporate purposes.

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