CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a commercial stage medical robotics company, announced the filing of a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed underwritten follow-on public offering of shares of its common stock and accompanying warrants to purchase common stock.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.
In connection with the proposed offering described above, all shares held by all officers and directors and certain other shareholders of the Company became subject to lock-up restrictions pursuant to agreements entered into with Roth Capital Partners, LLC (“Roth”). In addition, Tripoint Global Equities, LLC (“Tripoint”) is releasing, effective November 16, 2017, all of the shares of common stock subject to lock-up agreements entered into with it in connection with the Company’s June 2017 initial public offering. As a result, approximately 59% of shares released from lock-up restrictions by Tripoint, which includes all of the shares held by all officers and directors of the Company, will remain subject to lock-up restrictions pursuant to agreements with Roth.
Myomo, Inc. is a commercial stage medical robotics company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury.
Forward Looking Statements
This press release contains forward-looking statements regarding the Company's future business expectations, including statements about the proposed offering, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Our actual results could differ materially from those anticipated in these forward looking statements for many reasons, including, without limitation, risks related to regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo's financial results is included in Myomo's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.