Business Context and Reporting Period
Company: MYOMO, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: January 30, 2020
Event: The Company filed a Certificate of Amendment to its Certificate of Incorporation to effectuate a reverse stock split of its Common Stock. This action followed a Special Meeting of Stockholders held on the same date.
Key Financial Metrics
This filing is a current report regarding corporate governance and capital structure changes. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for these metrics.
Material Changes
- Reverse Stock Split: The Company executed a 30-for-1 reverse stock split. Each 30 shares of Common Stock issued and outstanding were combined into one validly issued share.
- Fractional Shares: No fractional shares were issued; any fractional shares resulting from the split were rounded down to the nearest whole share.
- Par Value: The par value per share remains unchanged at $0.0001.
- Shareholder Approval: Stockholders voted to approve the reverse stock split within a range of 1-for-15 to 1-for-30. The Board selected the 1-for-30 ratio.
Voting Results and Management Commentary
At the Special Meeting of Stockholders on January 30, 2020, 13,233,548 shares were represented out of 17,207,098 shares outstanding and entitled to vote. The voting results for the reverse stock split resolution were:
- FOR: 9,989,963 votes
- AGAINST: 3,056,806 votes
- ABSTAIN: 186,779 votes
The proposal to adjourn the meeting was not needed as the resolution received sufficient votes for approval. The Company issued a press release on January 30, 2020, announcing these results.
Investor Verification Checklist
- Verify the post-split share count and the treatment of fractional shares (rounded down) in subsequent filings.
- Confirm the adjusted trading price of the Common Stock (Symbol: MYO) on the NYSE American following the 30-for-1 split.
- Review the attached Certificate of Amendment (Exhibit 3.1) for specific legal language regarding the capital structure change.
- Check for any subsequent filings regarding the impact of the reduced share count on listing standards compliance.