Why has the MyFiziq (ASX:MYQ) share price surged 5% today?

The MyFiziq share price is currently trading higher as the company announced the partner for its underwritten IPO on the NASDAQ.

The MyFiziq Ltd (ASX: MYQ) share price is continuing its fantastic run as the company announced it's engaged investment bank Ladenburg Thalmann as its lead underwriter for an upcoming Nasdaq Composite (NASDAQ: .IXIC) initial public offering (IPO). At the time of writing, the MyFiziq share price has climbed 4.69% so far today to $1.34.

What does MyFiziq do?

MyFiziq has developed dimensioning technology that enables its users to accurately check, track, and assess their body dimensions using only a smartphone.

The company's goal is to help its partners by empowering their consumers with this capability. This, in return, gives partners the ability to assess, assist, and communicate outcomes with their consumers when navigating day to day life.

The technology has the potential to revolutionise online clothing sales, with the precise measurement technology helping to reduce or eliminate the potential for returns. It also allows for auto-matching to the partner company's specific size charts. This helps reduce human error in taking tape measurements. Furthermore, the technology has potential for use within insurance and medical fields.

Step aside Brainchip Holdings Ltd (ASX: BRN), as the technology also includes impressive artificial intelligence. The MyFiziq share price has witnessed an astounding 415% increase since the start of the year.

What's driving the MyFiziq share price?

The MyFiziq share price is on the rise after the company announced it has engaged investment bank, Ladenburg Thalmann, as the lead underwriter for its NASDAQ IPO. The IPO will substantially expand the number of investors available to back the company.

Ladenburg Thalmann is a member of the New York Stock Exchange and has been for more than 135 years. The company offers investment banking and capital markets products and services. The investment bank manages $450 billion worth of assets held by clients.

MyFiziq CEO, Vlado Bosanac, was delighted as he announced, "I am very pleased to be working with the technology group at Ladenburg on the proposed underwriting of the MyFiziq NASDAQ initiative that we have underway."

Foolish takeaway

I believe today's news is very positive for this ASX-tech minnow as it seeks to gain market share and funding. In my opinion, partnering with a large investment bank such as Ladenburg Thalmann is a shrewd move and investors could reap the rewards in the years to come.

The MyFiziq share price is up nearly 180% in the last month alone. 

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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