Myomo (MYO) Mini-IPO Seeks Historic 'Big Board' Listing

Myomo, a medical device company specializing in electric braces for people with muscular disorders, plans to list on the New York Stock Exchange after it completes its so-called mini-IPO, or regulation A+ offering. If the offering is successful, Myomo would be the first Reg A+ IPO to list on the big board.

Under Regulation A+, private companies can raise up to $50 million from the general public, but so far none have listed on either the NYSE of Nasdaq, making Myomo's IPO and subsequent potential listing on the NYSE somewhat historic. It could also raise the overall status of the mini-IPO and close the perception gap with traditional IPOs.

"For IPOs under $50 million, there's no reason to file an S-1 … A-1 is the new S-1," said Mark Elenowitz, CEO of TriPoint Global Equities, referring to the new SEC form type used for mini-IPOs.

It took Elenowitz, whose firm is acting as the selling agent for Myomo's offering, three years to convince the NYSE and others to go along with his idea to list a company directly on the exchange after completing the capital raise under regulation A+. If the offering is successful, Myomo's mini IPO will close on May 11 or 12 and begin trading on the NYSE Monday morning under ticker 'MYO', similar timing relative to traditional IPOs.

Regulation A+ offers cost less and have less red tape and other advantages over traditional IPOs. For example, there isn't a quiet period, giving underwriters a free hand to market the offering.

Despite the easier process, many investors are unaware of how mini-IPOs work, and not everyone is a fan of the new marketing rules, especially veteran Wall Street investors who are unaccustomed to seemingly dubious TV and radio promotions.

Elenowitz characterized mini-IPO investors as "more passionate" than the traditional Wall Street investors, oftentimes investing in products they want to see succeed. Myomo, for example, makes a rigid brace used for the purpose of supporting a patient's weak or deformed arm to enable and improve functional activities.

Of course, there's no guarantee Myomo and its supporters will win over Wall Street, but if the IPO succeeds Elenowitz and his next NYSE listed mini-IPO will likely find a few fans among investors truly hungry for opportunity -- real opportunity, in either the traditional or mini variety.

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