10:39 AM EST, 12/05/2024 (MT Newswires) -- Myomo ( MYO ) said Thursday it priced a public offering of 3 million common shares at $5 apiece for about $15 million in gross proceeds.

The underwriter has been granted a 30-day overallotment option to acquire up to 450,000 additional shares.

The company expects to close the offering around Friday. Net proceeds, together with existing cash and cash equivalents, will be used to fund an increase in advertising expenses and headcount, among other things.

Myomo ( MYO ) shares were up more than 11% in recent trading.

Price: 5.96, Change: +0.61, Percent Change: +11.40