Myomo introduced right this moment a public providing of $ 5.5 million and noticed its share fall by practically 20% originally of the session.
The transportable medical robotics firm in Cambridge, Mass., Introduced plans to launch roughly four million shares of its frequent inventory at a value of $ 1.40 per share. The spherical will even embrace a 45-day subscriber choice to accumulate 592,500 further shares on the provide value, in keeping with a press launch.
Myomo mentioned he expects to obtain a gross proceeds of about $ 5.5 million, charges and costs excluded. If the subscriber absolutely workout routines his over-allotment choice, the gross proceeds are anticipated to be roughly $ 6.four million, the corporate mentioned.
The nationwide securities firm is the only bookseller of the provide, added Myomo.
The funds raised can be used to finance working capital and the overall wants of the corporate. m mentioned in a press launch. The closing of the provide is scheduled for February 12th.
Shares in Myomo fell about 19.9% right this moment, to 1.36 USD at 9:41 EST.
Earlier this week, Myomo mentioned that he named David Henry as new CFO, succeeding Ralph Goldwasser, present CFO, who will retire efficient February 18.
The publish workplace Myomo provides a $ 6 million provide and sees shares slide appeared first on MassDevice.