Tenon Medical(R) Regains Full Compliance with Nasdaq Continued Listing Requirements

Rhea-AI Summary

Tenon Medical (NASDAQ:TNON), a company focused on Sacroiliac Joint (SIJ) disorders treatment, has announced full compliance with all Nasdaq continued listing requirements. The company has successfully addressed previous non-compliance issues related to independent directors, board committees, minimum bid price, public float shares, and stockholders' equity. Nasdaq has provided written confirmation of the company's renewed compliance status.

Positive

• Regained full compliance with all Nasdaq listing requirements
• Resolved multiple compliance issues including board composition, minimum bid price, and stockholders' equity
• Maintained Nasdaq listing status, avoiding potential delisting risks

Negative

• None.

Insights

Financial Analyst

The regaining of Nasdaq compliance is a important development for Tenon Medical, removing a significant overhang that threatened the company's market accessibility and investor confidence. The resolution of multiple compliance issues - including minimum bid price, public float requirements and board composition - strengthens the company's market position and reduces the risk of delisting. Particularly important is the compliance with Rule 5550(b) regarding stockholders' equity, which had been a key concern for investors.

While this news stabilizes Tenon's listing status, investors should note that maintaining compliance will require continued vigilance, especially given the company's relatively small market cap of $2.1 million. The successful resolution of these compliance issues may improve institutional investor interest and market liquidity, though fundamental business performance remains the key driver for long-term value.

LOS GATOS, CA / ACCESSWIRE / October 28, 2024 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a company transforming care for patients suffering from certain Sacroiliac Joint (SIJ) disorders, today announced that it is in compliance with all relevant Nasdaq continued listing Rules. The Company had previously reported non compliance with Nasdaq Rules 5605(b)(1), 5605(c)(2) and 5605(d)(2), with respect to the number of independent directors on its board of directors and certain board committees; Nasdaq Rule 5550(a)(2), with respect to its minimum bid price; Nasdaq Rule 5550(a)(4), with respect to number of shares in its public float; and Nasdaq Rule 5550(b), with respect to its stockholders' equity. The Company has received written confirmation from Nasdaq that it has regained compliance with each previously reported non-compliance of Nasdaq listing Rules.

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 two commercial opportunities with its System in the SI Joint market which includes: 1) Primary SI Joint procedures, and 2) Revision procedures of failed SI Joint implants. For more information, please visit www.tenonmed.com.

The Tenon Medical logo shown above, and Catamaran®, PiSIF®, CAT PiSIF®, ETAD®, Posterior Inferior Sacroiliac Fusion®, CAT SIJ Fusion System®, Catamaran SIJ Fusion System®, Catamaran Inferior Posterior Fusion System®, Catamaran Transfixation Fusion System®, and Catamaran Transfixation Fusion Device® are registered trademarks of Tenon Medical, Inc. MAINSAIL^TM is also 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 contains words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," "aims," 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 10-K 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 / Rory Rumore
203-741-8811
MZ North America
tenon@mzgroup.us

SOURCE: Tenon Medical, Inc.

View the original press release on accesswire.com

FAQ

What Nasdaq compliance requirements did Tenon Medical (TNON) regain in October 2024?

Tenon Medical regained compliance with requirements for independent directors, board committees, minimum bid price, public float shares, and stockholders' equity requirements.

Which Nasdaq rules was Tenon Medical (TNON) previously non-compliant with?

Tenon Medical was previously non-compliant with Nasdaq Rules 5605(b)(1), 5605(c)(2), 5605(d)(2), 5550(a)(2), 5550(a)(4), and 5550(b).

Has Tenon Medical (TNON) received official confirmation of Nasdaq compliance?

Yes, Tenon Medical has received written confirmation from Nasdaq that it has regained compliance with all previously reported non-compliance listing rules.