Tenon Medical dips 6%, prices $2.5M direct offering

Tenon Medical (NASDAQ:TNON) entered into a securities purchase agreement with a single healthcare-focused institutional investor for the issuance and sale of ~1.27M shares in a registered direct offering priced at-the-market under Nasdaq rules at a purchase price of $2.00.

In a concurrent private placement, the company also agreed to issue to the same investor warrants to purchase up to ~1.27M shares. The common warrants have an exercise price of $2.00 per share.

The closing of the offering is expected to occur on or about March 27, 2025.

The gross proceeds from the offering are expected to be ~$2.5M, which the company intends to use for working capital and general corporate purposes.

The stock price traded 5.6% lower on Wednesday during pre-market hours of trading.