The Regulation A deal team of medical device company Myomo (MYO), told a packed room last week at the Marcum Microcap conference in New York City that institutional investor thought their new mini-IPO deal wouldn’t trade in the secondary market so they wouldn’t invest. But the smart money was proven wrong on Friday when the stock doubled its opening price after just five days of trading on the NYSE:MKT.
All eyes were on Mark Elenowitz of Tripoint Global Equities, as he spilled a few insights into how what he called “the hardest deal I’ve ever done” became the first Reg A+ issuer to trade on a national exchange.
The Myomo deal team included some of the top legal, banking, audit and investor relations professionals in microcap finance, from firms such as Duane Morris, Tripoint, CrowdfundX, Marcum, and PCG Advisory. Over $550,000 was spent on executing the offering.
“Communicating to investors the benefits of a complicated medical product that had no prior social media presence was our first challenge to figure out. I wasn’t sure the crowd would invest in biotech,” said Elenowitz. “So Darren Marble of CrowdFundX, who was the market guru behind Elio, was tagged to come up with an emotional, visual explainer of the device via a 30-second video we could show during the roadshow and on YouTube.”
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Medical robotics company Myomo has been approved by the NYSE as the first company to complete an IPO via Regulation A and trade on a national exchange. The achievement came after a three-and-half-month campaign by Boston-based Myomo which raised $7.8 million, mostly from accredited investors...