Business Context and Reporting Period
This Form 8-K Current Report is filed by Myomo, Inc. on April 10, 2025, covering events occurring between April 4, 2025, and April 10, 2025. The filing primarily addresses changes in the Company's independent registered public accounting firm and the departure of two Board members.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and auditor changes.
Material Changes
Change in Certifying Accountant
- Resignation: Marcum LLP resigned as the independent registered public accounting firm effective April 8, 2025.
- Successor: CBIZ CPAs P.C. was engaged as the new independent registered public accounting firm effective April 8, 2025.
- Reason: The change resulted from CBIZ CPAs acquiring the attest business of Marcum LLP on November 1, 2024.
- Audit History: Marcum's reports for fiscal years 2023 and 2024 contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: No disagreements on accounting principles or audit scope occurred, except for a previously disclosed material weakness regarding information technology general controls (privileged access rights, user provisioning, and change management).
Departure of Directors
- Amy Knapp: Informed the Company on April 4, 2025, that she will not stand for reelection at the 2025 Annual Meeting. She served on the Audit Committee and Nominating and Corporate Governance Committee.
- Yitzchak Jacobovitz: Informed the Company on April 4, 2025, that he will not stand for reelection. He served on the Nominating and Corporate Governance Committee and is expected to transition to the role of Board Observer.
- Reason: Neither departure resulted from any disagreement with the Company regarding operations, policies, or practices.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on future business performance. The primary risk disclosed relates to the previously identified material weakness in internal controls over financial reporting, specifically concerning IT general controls, which was noted in the 2024 Annual Report on Form 10-K.
Investor Verification Checklist
- Verify the transition timeline and scope of work between Marcum LLP and CBIZ CPAs P.C.
- Review the Company's 2024 Form 10-K for details on the material weakness regarding IT general controls and remediation efforts.
- Confirm the composition of the Board of Directors following the 2025 Annual Meeting, specifically regarding the replacement of Ms. Knapp and Mr. Jacobovitz.
- Check for any subsequent filings regarding the appointment of new directors to fill the vacancies.