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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 4, 2025

Myomo, Inc.

(Exact Name of Company as Specified in Charter)

Delaware

001-38109

47-0944526

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

45 Blue Sky Dr., Suite 101

Burlington, MA

01803

(Address of Principal Executive Offices)

(Zip Code)

Company’s telephone number, including area code: (617) 996-9058

Not applicable

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

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 (see General Instruction A.2. below):

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:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.0001 par value per share

MYO

NYSE American

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. ☐

 


 

Item 4.01 Changes in Registrant’s Certifying Accountant.

Based on information provided by Marcum LLP (“Marcum”), the independent registered public accounting firm of Myomo, Inc. (the "Company"), CBIZ CPAs P.C. (“CBIZ CPAs”) acquired the attest business of Marcum, effective November 1, 2024.

On April 8, 2025, Marcum resigned as the Company’s independent registered public accounting firm, and with the approval of the Audit Committee of the Company’s Board of Directors (the "Board"), the Company engaged CBIZ CPAs as the Company’s independent registered public accounting firm, effective as of April 8, 2025. Marcum continued to serve as the Company’s independent registered public accounting firm through April 8, 2025, which services are now being provided by CBIZ CPAs.

Prior to engaging CBIZ CPAs, the Company did not consult with CBIZ CPAs regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, or (ii) any matter that was either the subject of a disagreement (as described in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K and the related instructions).

Marcum’s reports on the Company’s financial statements for the fiscal years ended December 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the Company’s fiscal years ended December 31, 2024 and 2023, and the subsequent interim period through April 8, 2025, there were no (i) disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference to the subject matter of the disagreements in their reports on the Company’s financial statements for such years or (ii) “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions), except for a material weakness related to a lack of design and maintenance of effective information technology general controls due to certain privileged access rights, lack of formal processes for user provisioning, periodic user access review, change management for the financial reporting system and lack of formal reviews of key third party service provider SOC reports, all of which could allow for inappropriate financial transactions to be recorded that would not be detected by the Company's other manual controls, rendering them ineffective, as disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The Company provided Marcum with a copy of this Current Report on Form 8-K prior to its filing with the U.S. Securities and Exchange Commission (the “SEC”) and requested that Marcum furnish the Company with a letter addressed to the SEC, pursuant to Item 304(a)(3) of Regulation S-K, stating whether it agrees with the above statements and, if it does not agree, the respects in which it does not agree. A copy of the letter, dated April 9, 2025, is filed as Exhibit 16.1 (which is incorporated by reference herein) to this Current Report on Form 8-K.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors.

On April 4, 2025, Ms. Amy Knapp, a member of the Board, the Audit Committee of the Board and the Nominating and Corporate Governance Committee of the Board, informed the Company that she does not intend to stand for reelection at the Company’s 2025 annual meeting of shareholders (the “Annual Meeting”). Ms. Knapp’s intention not to stand for reelection following the end of her current term was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

 


 

Also on April 4, 2025, Mr. Yitzchak Jacobovitz, a member of the Board and the Nominating and Corporate Governance Committee of the Board, informed the Company that he does not intend to stand for reelection at the Annual Meeting. Mr. Jacobovitz’s intention not to stand for reelection following the end of his current term was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. It is intended that Mr. Jacobovitz will transition to the role of Board Observer following the expiration of his term as a director.

The Company thanks Ms. Knapp and Mr. Jacobovitz for their years of service as directors.

Item 7.01 Regulation FD Disclosures.

On April 10, 2025, the Company issued a press release announcing the upcoming changes to its Board. A copy of the Company’s press release relating to this announcement is attached as Exhibit 99.1 to this current report on Form 8-K (the “Report”).

The information contained in Item 7.01 of this Report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.

(d) Exhibits

Exhibit
No.

Description

16.1

Letter from Marcum LLP, dated April 9, 2025.

99.1

 

Press release from Myomo, Inc. dated April 10, 2025, furnished herewith.

104

The cover page from the Company’s Form 8-K dated April 10, 2025, formatted in Inline XBRL

 


 

 

 

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.

MYOMO, INC.

Date:

April 10, 2025

By:

/s/ David A. Henry

David A. Henry
Chief Financial Officer

 

 

 

 


EX-16.1 2 myo-ex16_1.htm EX-16.1 EX-16.1

 

Exhibit 16.1

img171191431_0.jpg

 

 

 

 

 

 

April 9, 2025

 

 

 

 

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Myomo, Inc. under Item 4.01 of its Form 8-K dated April 4, 2025. We agree with the statements concerning our Firm in such Form 8-K; we are not in a position to agree or disagree with other statements of Myomo, Inc. contained therein.

Very truly yours,

img171191431_1.jpg

Marcum LLP

Marcum llp / 730 Third Avenue / 11th Floor / New York, NY 10017 / Phone 212.485.5500 / marcumllp.com BURLINGTON, Mass.


EX-99.1 3 myo-ex99_1.htm EX-99.1 EX-99.1

img133186882_0.jpg

Exhibit 99.1

 

Myomo Announces Upcoming Changes to its Board of Directors

(April 10, 2025) – 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 that directors Amy Knapp and Yitzchak Jacobovitz have informed the board they will not stand for re-election as Class II directors. Ms. Knapp has been a director since July 2016 and Mr. Jacobovitz has served on Myomo’s board since January 2023. Their terms will conclude as of the Company’s 2025 Annual Meeting expected to be held in June 2025.

“I’m grateful for the insights and contributions Amy and Yitz have provided the board during their tenures, and extend deepest thanks to both for their work on behalf of Myomo, our shareholders and the patients we serve,” said Paul R. Gudonis, chairman and chief executive officer. “We plan to name additional directors in the future as we continue to evolve Myomo’s governance and strategic oversight.”

“It has been a privilege to serve on Myomo’s board and I’m gratified to have played a role in the growth and success of the company to date. With the achievement of Medicare Part B coverage for the MyoPro™ and an outstanding leadership team, I believe the future is bright for Myomo, and I’m pleased to continue advising the Company on reimbursement matters,” said Ms. Knapp.

“I am highly confident in the Company’s strategic direction, its financial position and its trajectory toward achieving sustainable positive cash flow,” said Mr. Jacobovitz. “I look forward to actively supporting and advising the Company as a non-voting board observer.”

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 or other neuromuscular disease or injury. It is currently the only marketed device in the U.S. 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 Burlington, 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 within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions Myomo is availing itself. Such forward-looking statements include, but are not limited to, plans to add additional directors in the future. Certain forward-looking statements can be identified by

Myomo Inc. | 45 Blue Sky Dr., Suite 101 | Burlington, MA 01803

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

 


 

the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Myomo assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Myomo's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other subsequent filings with the SEC, which are available at the SEC's website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from the Myomo’s current expectations.

Contacts:

Myomo:

ir@myomo.com

Alliance Advisors IR:

Tirth T. Patel

tpatel@allianceadvisors.com

212-201-6614

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