Tenon Medical Announces Closing of $5.6 Million Public Offering

Rhea-AI Summary

Tenon Medical, Inc. has closed its public offering of 10,000,000 units, with each unit consisting of one share of common stock and two warrants. The units were sold at a public offering price of $0.56, resulting in gross proceeds of approximately $5.6 million. The warrants began trading on the Nasdaq Capital Market.

Positive

• Tenon Medical, Inc. successfully closed its public offering, raising approximately $5.6 million in gross proceeds.
• The warrants in the units are immediately exercisable at a price of $0.56 per share.
• The warrants began trading on the Nasdaq Capital Market on June 15, 2023.

Negative

• None.

LOS GATOS, CA / ACCESSWIRE / June 16, 2023 / Tenon Medical, Inc. ("Tenon" or the "Company") (NASDAQ:TNON), a company transforming care for patients suffering with certain sacroiliac joint disorders, today announced the closing of its public offering of 10,000,000 units, with each unit consisting of one share of common stock and two warrants, each warrant to purchase one share of common stock. Each unit was sold at a public offering price of $0.56. The warrants in the units are immediately exercisable at a price of $0.56 per share and expire five years from the date of issuance. The shares of common stock and accompanying warrants were only purchasable together in this offering, but were issued separately and were immediately separable upon issuance.

Gross proceeds, before deducting placement agent fees and other offering expenses, were approximately $5.6 million.

The warrants began trading on the Nasdaq Capital Market on June 15, 2023, under the symbol "TNONW".

Maxim Group LLC acted as sole placement agent in connection with this offering.

The securities described above were offered pursuant to a registration statement on Form S-1, as amended (File No. 333-272488) (the "Registration Statement"), which was declared effective by the Securities and Exchange Commission (the "SEC") on June 13, 2023. The offering was made only by means of a prospectus which is a part of the Registration Statement. A copy of the final prospectus relating to the offering has been filed with the SEC and may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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. Tenon is underway with a national launch of this system to address the greatly underserved market opportunity that exists in this space. For more information, please visit www.tenonmed.com.

The Tenon Medical logo and Tenon Medical, are registered trademarks of Tenon Medical, Inc. Catamaran is a trademark 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 contain 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 Registration Statement on Form S-1 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.[RS1]

IR Contact:

Shannon Devine: 203-741-8811
MZ North America
tenon@mzgroup.us

SOURCE: Tenon Medical, Inc.

View source version on accesswire.com:
https://www.accesswire.com/761790/Tenon-Medical-Announces-Closing-of-56-Million-Public-Offering

FAQ

What was the price of the units in Tenon Medical, Inc.'s public offering?

The units were sold at a public offering price of $0.56 per unit.

How much did Tenon Medical, Inc. raise in its public offering?

Tenon Medical, Inc. raised approximately $5.6 million in gross proceeds.

When did the warrants of Tenon Medical, Inc. start trading on the Nasdaq Capital Market?

The warrants began trading on the Nasdaq Capital Market on June 15, 2023.