Myomo, Inc. has had an offering statement qualified by the SEC in which it discloses an intent to apply to list its common stock on the NYSE MKT LLC. The offering seeks to raise $15 million on a “best efforts” basis without any minimum offering amount.
Myomo is a medical device company in the medical robotics industry, specializing in myoelectric braces (orthotics) for people with neuromuscular disorders. According to the offering statement it is developer of the MyoPro® product line, which is a myoelectric-controlled upper limb brace (orthosis). The orthosis is a rigid brace used for the purpose of supporting a patient’s weak or deformed arm to enable and improve functional activities of daily living (“ADLs”) in the home and community that is available only on a physician’s order.
The offering statement states in order to complete the listing process, the company will be required to, among other things, file with the SEC a post-qualification amendment to the offering statement, and then file a Form 8-A in order to register its shares of Common Stock under the Exchange Act. The post-qualification amendment of the offering statement is subject to review by the SEC. Of course, the listing qualification standards must be met as well.
The offering statement also says that upon completion of the offering, the company expects to elect to become a public reporting company under the Exchange Act, and thereafter publicly report on an ongoing basis as an “emerging growth company” under the reporting rules set forth under the Exchange Act.