Myomo, a medical robotics company that has developed powered brace to support a weak arm, will become the first Regulation A (Reg A+) issuer to immediately go from crowdfunding to actively trading on an exchange. Myomo will begin trading on the New York Stock Exchange MKT on June 12, 2017 under the symbol MYO. NYSE MKT is the smaller cap segment of the New York Stock Exchange.
Myomo successfully closed the funding round on Tripoint Global Equities’ Banq platform yesterday (June 8). While final details regarding the size of the raise were not revealed, Myomo was seeking $15 million from the public offer. The valuation was set at $35 million and per share price of $7.5.
An amendment to the Myomo Offering Circular was filed earlier this week revealing that Paul Gudonis, CEO of Myomo, had established a personal line of credit of up to $1,000,000 for Myomo. Ostensibly, this was to cover the necessary costs of listing on NYSE MKT and expedite the process as the final close of the Reg A+ offer is completed
Myomo enlisted a squadron of support companies beyond Tripoint to become the first Reg A+ issuer to trade on an exchange, including: CrowdfundX, a marketing firm; Hunter Taubman Fischer & Li, underwriters counsel; PCG Advisory Group, investor relations; Rushing PR; Marcum, auditor; and Duane Morris, counsel.
“The Myomo offering was pioneering and sets the stage for small-cap issuers to access the capital markets in the modern age of U.S. capital formation,” commented Mark Elenowitz, CEO of TriPoint. “I want to personally thank all the advisors, syndicate members and the management team for their hard work and dedication in completing this historic offering. In addition, we applaud the NYSE in their vision and support for bringing back the small-cap IPO.”
TriPoint has been an advocate for Regulation A+ and the JOBS Act for years. The company says it has developed a methodology that combines traditional Wall Street investment banking with crowd-focused digital media and communications. This hybrid approach is designed to allow issuers to reach a large audience of both investors and customers.
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