Myomo, Inc. announced the entry into an amended and restated joint venture agreement with Beijing Ryzur Medical Investment Co. Ltd. and Wuxi Chinaleaf Rehabilitation Industry Equity Investment Fund, and the signing of a Technology License Agreement and a Trademark License Agreement with Jiangxi Myomo Medical Assistive Appliance Co. Ltd. (the “JV Company”).

The Amended JV Agreement, the Technology License Agreement and the Trademark License Agreement are each effective December 29, 2021 (the “Effective Date”). The original Joint Venture Agreement was entered into on January 21, 2021. Under the Technology License Agreement, the JVCompany is licensing Myomo's intellectual property for an upfront license fee of $2.7 million, of which $0.2 million (the “Initial Payment”) is payable within 30 days of the Effective Date, and the remaining$2.5 million is payable within 30 days of Myomo's capital contribution of $0.2 million to the JVCompany, which is expected to be made immediately following receipt of the Initial Payment.

The technology transfer to the JVCompany will begin after receipt of the full license fee, which is expected before the end of the first quarter of 2022.