We last wrote about Myomo, a commercial stage medical robots company (kind of like the Bionic Man), in March. Myomo was in the process of using Reg A+ to raise growth capital. Under the exemption, Myomo was seeking $15 million using Banq, a crowdfunding platform that is part of Tripoint Global – a broker dealer. This week, we received a note from a Myomo representative informing us the offer was expected to close next week. Originally it was expected to close in April.
One of the interesting aspects of the Reg A+ offer was the fact that Myomo had stated its intent to list its shares on the NYSE MKT soon after the offer closed. Myomo has applied to trade under the symbol “MYO”. NYSE MKT is the “retooled” portion of the New York Stock Exchange targeting small cap firms.
Like many early stage companies, Myomo needs additional capital to continue operations. The offering states that if they raise the $15 million it will meet their anticipated cash needs for at least the next 18 months after the closing of the offering. In the event they do not raise $15 million they may need to raise additional capital.
The offering page on Banq does not show the current amount raised. So we asked how Myomo was doing. A representative told us;
“Similar to a traditional IPO, the underwriter on this deal will not disclose any numbers before closing. However, we can inform you that the offering is going well and interest is high. Both the crowd and syndicates are performing. We expect to close this upcoming week!”
Apparently, Myomo is doing pretty well – given the additional time to raise the money.
One of the unique characteristics of Reg A+ is the fact that issuers may choose to trade their shares on an exchange or ATS. So far, Elio Motors is the only company to accomplish this feat having raised around $17 million followed by a listing on OTC Markets. If Myomo tops the $15 million hurdle it will sufficiently qualify to trade on NYSE MKT making it the first Reg A+ crowdfunding offer to accomplish this goal.
Hopefully, we will find out more next week.
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