Myomo (MYO) Prices 3M Share Offering at $5/sh

Myomo, Inc. (NYSE American: MYO) today announced that it has priced an underwritten public offering of 3,000,000 shares of its common stock at a public offering price of $5.00 per share. Myomo expects the gross proceeds from this offering to be approximately $15.0 million, before deducting the underwriting discount and other offering expenses. In connection with the offering, Myomo has granted the underwriter a 30-day option to purchase up to 450,000 additional shares of its common stock at the public offering price, less the underwriting discount. Myomo expects to close the offering, subject to the satisfaction of customary conditions, on or about December 6, 2024.

Craig-Hallum Capital Group acted as the sole managing underwriter for the offering.

Myomo expects to use the net proceeds of the offering, together with its existing cash and cash equivalents, to accelerate its revenue growth by funding an increase in advertising expenses and headcount to support the expected revenue growth in Myomo’s direct billing channel, along with investments in systems to support growth in the O&P channel and in scaling its operations. In addition, the net proceeds of the offering will be used to fund product development and sustaining engineering activities to enhance the current MyoPro product line and to develop the next generation of Myomo’s products, with the remainder for working capital and general corporate purposes.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-281311), as amended, includng a base prospectus, relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) on August 6, 2024 and was declared effective on August 28, 2024. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Myomo has filed a preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering with the SEC on December 4, 2024. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying base prospectus relating to the securities being offered may be obtained, when available, from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by email at [email protected].

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