# EDGAR Filing Document

**Accession Number:** 0001369290
**File Stem:** 0000950170-23-000624
**Filing Date:** 2023-1
**Character Count:** 10643
**Document Hash:** 907c109720d1caf52f05332c5993da80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-000624.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0000950170-23-000624

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230110

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MYOMO, INC.
- **CENTRAL INDEX KEY:** 0001369290
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38109
- **FILM NUMBER:** 23521571

**BUSINESS ADDRESS:**
- **STREET 1:** 137 PORTLAND STREET
- **STREET 2:** 4TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 617-996-9058

**MAIL ADDRESS:**
- **STREET 1:** 137 PORTLAND STREET
- **STREET 2:** 4TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MYOMO INC
- **DATE OF NAME CHANGE:** 20060718

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 10, 2023<br>

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MYOMO, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-38109 | 47-0944526 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 137 Portland St.<br>4th Floor |  |  |
| Boston**,** Massachusetts |  | 02114 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 617 996-9058<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.0001 par value per share | MYO | NYSE American LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01 Other Events.**

On January 10, 2023, Myomo, Inc. (the "Company') announced that it had completed a 12% reduction in its workforce, which in combination with other cost reduction actions, is expected to reduce operating expenses by approximately $2 million on an annual basis. The full text of the press release issued in conjunction with the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01.** 

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit <br>No.** | **Description** |
| 99.1 | [<u>Press release for Myomo, Inc. dated January 10, 2023</u>](myo-ex99_1.htm) |
| 104 | The cover page from the Company's Form 8-K dated January 10, 2023, formatted in Inline XBRL |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Myomo, Inc**. |
| Date: | January 10, 2023 | By:  | /s/ David A. Henry |
|  |  |  | David A. Henry<br>Chief Financial Officer |

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## Exhibit 99.1

![img133186882_0.jpg](img133186882_0.jpg)

**Exhibit 99.1**

**Myomo Announces Initiative to Reduce Cash Burn**

**Undertakes a reduction in force to enhance efficiency in its direct billing channel** 

**BOSTON, January 10, 2023 - Myomo, Inc. (NYSE American: MYO)** ("Myomo" or the "Company"), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper-limb paralysis, today announced a reduction in force for the purpose of improving operating efficiency in its direct billing channel and reduce its cash burn. The action today involved the elimination of approximately 12% of its workforce, impacting employees in its call center and administrative functions. This action and other cost reductions being undertaken by the Company are expected to save in excess of $2 million on an annual basis.

"While unfortunate, this action was necessary in improve operating leverage and extend our cash runway as we continue to work on obtaining coverage and reimbursement for the MyoPro for Medicare Part B patients, said Paul Gudonis, Myomo's Chairman and Chief Executive Officer.

**About Myomo**

Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper-limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper-limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of certain patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient's own EMG signals through non-invasive sensors on the arm, can restore an individual's ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Boston, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.

**Forward-Looking Statements**

This press release contains forward-looking statements regarding the Company's future business expectations, including expectations for annual savings from headcount and other cost reductions, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.

These factors include, among others:

Myomo Inc. \| 137 Portland Street 4<sup>th</sup> Floor \| Boston, MA 02114

TEL: 877.736.9666 www.myomo.com info@myomo.com

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![img133186882_0.jpg](img133186882_0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a history of operating losses and our financial statements for the period ended September 30, 2022 include disclosure regarding there being substantial doubt about our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the direct and indirect impact of the novel coronavirus (COVID-19) on our business and operations, including fabrication and delivery, sales, patient consultations, supply chain, manufacturing, insurance reimbursements and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to continue normal operations and patient interactions in order to deliver and fit our custom-fabricated device;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our marketing and commercialization efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to achieve reimbursement from third-party payers for our products, including CMS for Medicare Part B patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to effectively execute our business plan and scale up our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations as to our product development programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.

More information about these and other factors that potentially could affect our financial results is included in Myomo's filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

**Contacts:**

**For Myomo:**

ir@myomo.com

**Investor Relations:**

Kim Sutton Golodetz

LHA Investor Relations

212-838-3777

kgolodetz@lhai.com

Myomo Inc. \| 137 Portland Street 4<sup>th</sup> Floor \| Boston, MA 02114

TEL: 877.736.9666 www.myomo.com info@myomo.com

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