Tenon Medical Announces 1:8 Reverse Split
Tenon Medical (NASDAQ:TNON), a company focused on sacroiliac joint disorders, has announced a 1:8 reverse stock split effective September 6, 2024. This strategic move aims to increase the per-share market price to meet Nasdaq's minimum $1.00 average closing price requirement for continued listing. The split, approved by stockholders on December 21, 2023, will convert each 8 shares of issued and outstanding common stock into one share. Trading on a split-adjusted basis will commence on September 6, 2024, under the existing symbol TNON. Vstock Transfer, is acting as the exchange agent, managing the process for stockholders with various holding arrangements. No fractional shares will be issued, with all fractions rounded up to the next whole share.
Tenon Medical (NASDAQ:TNON), un'azienda focalizzata sui disturbi dell'articolazione sacroiliaca, ha annunciato un scissione azionaria inversa 1:8 in vigore dal 6 settembre 2024. Questa mossa strategica mira ad aumentare il prezzo di mercato per azione per soddisfare il requisito minimo di un prezzo medio di chiusura di $1,00 richiesto da Nasdaq per il mantenimento della quotazione. La scissione, approvata dagli azionisti il 21 dicembre 2023, convertirà ogni 8 azioni ordinarie emesse e in circolazione in un'unica azione. Le contrattazioni sulla base della scissione inizieranno il 6 settembre 2024, sotto il simbolo esistente TNON. Vstock Transfer fungerà da agente di cambio, gestendo il processo per gli azionisti con vari arrangiamenti di holding. Non verranno emesse frazioni di azioni, con tutte le frazioni arrotondate alla prossima azione intera.
Tenon Medical (NASDAQ:TNON), una empresa enfocada en los trastornos de la articulación sacroilíaca, ha anunciado una división de acciones inversa 1:8 que entrará en vigor el 6 de septiembre de 2024. Este movimiento estratégico tiene como objetivo aumentar el precio promedio de mercado por acción para cumplir con el requisito mínimo de un precio de cierre promedio de $1.00 exigido por Nasdaq para mantener la cotización. La división, aprobada por los accionistas el 21 de diciembre de 2023, convertirá cada 8 acciones ordinarias emitidas y en circulación en una acción. Las transacciones ajustadas por la división comenzarán el 6 de septiembre de 2024, bajo el símbolo existente TNON. Vstock Transfer actuará como agente de cambio, gestionando el proceso para los accionistas con diversos arreglos de tenencia. No se emitirán acciones fraccionarias, y todas las fracciones se redondearán a la siguiente acción entera.
텐온 메디컬(NASDAQ:TNON)은 천장관절 장애에 집중하는 회사로, 2024년 9월 6일부터 1:8 비율의 주식 분할을 시행한다고 발표했습니다. 이 전략적 조치는 나스닥의 계속 상장 요건인 평균 종가 $1.00을 충족하기 위해 주당 시장 가격을 높이는 것을 목표로 합니다. 2023년 12월 21일 주주들의 승인을 받은 이 분할은 발행된 보통주 8주를 1주로 전환합니다. 분할 조정 기초에서의 거래는 2024년 9월 6일부터 기존 기호 TNON으로 시작됩니다. Vstock Transfer는 교환 대행자로 활동하여 다양한 보유 방식의 주주들을 위한 과정을 관리합니다. 분할된 주식은 발행되지 않으며, 모든 분수는 다음 정수 주식으로 반올림됩니다.
Tenon Medical (NASDAQ:TNON), une entreprise spécialisée dans les troubles de l'articulation sacro-iliaque, a annoncé un répartition inversée des actions de 1:8 qui entrera en vigueur le 6 septembre 2024. Ce mouvement stratégique vise à augmenter le prix de marché par action afin de répondre à l'exigence minimale de prix de clôture moyen de 1,00 $ imposée par le Nasdaq pour le maintien de la cotation. La répartition, approuvée par les actionnaires le 21 décembre 2023, convertira chaque 8 actions ordinaires émises et en circulation en une seule action. Les transactions ajustées en fonction de la répartition commenceront le 6 septembre 2024, sous le symbole existant TNON. Vstock Transfer agira en tant qu'agent d'échange, gérant le processus pour les actionnaires avec divers arrangements de détention. Aucune action fractionnaire ne sera émise, toutes les fractions étant arrondies à l'action entière suivante.
Tenon Medical (NASDAQ:TNON), ein Unternehmen, das sich auf Erkrankungen des Iliosakralgelenks spezialisiert hat, hat einen 1:8 Rückwärtssplit angekündigt, der am 6. September 2024 in Kraft treten wird. Dieser strategische Schritt zielt darauf ab, den Marktpreis pro Aktie zu erhöhen, um die Nasdaq-Anforderung eines minimalen Durchschnittskurses von 1,00 USD für die Fortsetzung der Notierung zu erfüllen. Der Split, der am 21. Dezember 2023 von den Aktionären genehmigt wurde, wandelt jede 8 ausgegebene und im Umlauf befindliche Stammaktie in eine Aktie um. Der Handel auf der Grundlage des Splits beginnt am 6. September 2024 unter dem bestehenden Symbol TNON. Vstock Transfer fungiert als Tauschagent und verwaltet den Prozess für Aktionäre mit verschiedenen Haltearrangements. Es werden keine Bruchstücke von Aktien ausgegeben, und alle Bruchteile werden auf die nächstgelegene ganze Aktie gerundet.
- Potential to maintain Nasdaq listing by meeting minimum share price requirement
- Stockholder approval obtained for the reverse stock split
- Simplified process for stockholders with book-entry shares or holdings through banks/brokers
- Indicates company's struggle to maintain minimum share price naturally
- Potential for reduced liquidity due to fewer outstanding shares
- Risk of not achieving desired share price increase despite the split
Insights
Tenon Medical's 1:8 reverse stock split is a critical move to maintain its Nasdaq listing. This action aims to boost the share price above the $1 minimum requirement, potentially avoiding delisting. While it doesn't change the company's market cap, it could improve investor perception and liquidity. However, reverse splits often signal financial distress, which may concern investors. The immediate impact might be positive for maintaining listing status, but the long-term effect depends on Tenon's ability to improve its fundamental performance. Investors should closely monitor the company's post-split financial metrics and market reaction.
This reverse split reflects broader challenges in the medical device sector, particularly for smaller players. Tenon's struggle to maintain share price highlights the competitive pressures and potential market skepticism about its sacroiliac joint disorder treatments. The split may temporarily boost investor interest, but without substantial revenue growth or profitability improvements, it's merely a cosmetic fix. Investors should consider this move in the context of Tenon's market position, product adoption rates and the overall growth trajectory of the sacroiliac joint treatment market. The company's ability to capitalize on this reset will be important for its future prospects.
LOS GATOS, CA / ACCESSWIRE / September 4, 2024 / Tenon Medical, Inc. ("Tenon" or the "Company") (NASDAQ:TNON), a company transforming care for patients suffering with certain sacroiliac joint disorders, today announced, a 1:8 reverse stock split of the Company's issued and outstanding common stock.
The reverse stock split will become effective at 12:01, Eastern Time, on September 6, 2024, prior to the commencement of trading on the Nasdaq Capital Market. As of that time, each 8 shares of issued and outstanding common stock will be converted into one share of common stock. The Company's common stock is expected to commence trading on a split-adjusted basis when the markets open on September 6, 2024, under the existing trading symbol "TNON." The new CUSIP number for the Company's common stock following the reverse stock split will be 88066N303.
At the special meeting held on December 21, 2023, the Company's stockholders approved the reverse stock split. The primary goal of the reverse stock split is to increase the per share market price of the Company's common stock to meet the minimum
Vstock Transfer, LLC ("Vstock"), the Company's transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with book-entry shares or who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders of record holding certificates representing pre-split shares of the Company's common stock, as applicable, will receive a letter of transmittal from Vstock with instructions on how to surrender certificates representing pre-split shares. Stockholders should not send in their pre-split certificates until they receive a letter of transmittal from Vstock. Unless a stockholder specifically requests a new paper certificate or holds restricted shares, stockholders of record who held pre-split certificates will receive their post-split shares book-entry and will be receiving a statement from Vstock regarding their common stock ownership post-reverse stock split. No fractional shares will be issued in connection with the reverse stock split. All fractional shares will be rounded up to the next whole share.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement (the "Proxy Statement") filed with the Securities and Exchange Commission (the "SEC") on November 22, 2023, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's Investor Relations website at https://ir.tenonmed.com/.
About Tenon Medical, Inc.
Tenon Medical, Inc., a medical device company formed in 2012, has developed The Catamaran® SI Joint Fusion System that offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The system features the Catamaran® Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022 Tenon is focused on three commercial opportunities with its System in the SI Joint market which includes: 1) Primary SI Joint procedures, 2) Revision procedures of failed SI Joint implants and 3) SI Joint fusion adjunct to a spine fusion construct. For more information, please visit https://www.tenonmed.com/.
The Tenon Medical logo, Tenon Medical and Catamaran are registered trademarks of Tenon Medical, Inc.
Safe Harbor
This press release contains "forward-looking statements," which are statements related to events, results, activities or developments that Tenon expects, believes or anticipates will or may occur in the future. Forward-looking often contains words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," and similar expressions and the negative versions thereof. Such statements are based on Tenon's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain and actual results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various factors. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, please review our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 on file with the Securities and Exchange Commission at www.sec.gov, particularly the information contained in the section entitled "Risk Factors". We undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise unless required by law.
IR Contact:
Shannon Devine: 203-741-8811
MZ North America
tenon@mzgroup.us
SOURCE: Tenon Medical, Inc.
View the original press release on accesswire.com
FAQ
What is the reverse stock split ratio announced by Tenon Medical (TNON) on September 4, 2024?
When will Tenon Medical's (TNON) reverse stock split become effective?
Why is Tenon Medical (TNON) implementing a reverse stock split?
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