Tenon Medical closes $4.2 million public offering

Tenon Medical, Inc. (NASDAQ: TNON), a medical device company focused on sacro-pelvic disorders, announced the closing of a public offering that raised $4.2 million in gross proceeds, before placement agent fees and other offering expenses.

The offering consisted of 11,052,631 shares of common stock, or pre-funded warrants in lieu thereof, at a combined public offering price of $0.38 per share, along with common stock purchase warrants to purchase up to 13,263,159 shares of common stock. That warrant share count would increase to 16,578,949 shares if the company effects a reverse stock split.

The common warrants are immediately exercisable at $0.38 per share. Pre-funded warrants are also immediately exercisable at $0.001 per share and may be exercised until exercised in full.

According to the company's press release, Tenon Medical plans to use net proceeds for partial repayment of outstanding convertible notes, expansion of its commercial footprint, hiring additional sales representatives, expanding its distribution network, continuing clinical research, funding research and development, and increasing inventory and instrumentation capacity, among other general corporate purposes.

WallachBeth Capital LLC served as sole placement agent for the offering. Sichenzia Ross Ference Carmel LLP acted as legal counsel to the company, while Sheppard, Mullin, Richter & Hampton LLP represented WallachBeth Capital LLC.

The securities were offered pursuant to a registration statement on Form S-1 previously declared effective by the Securities and Exchange Commission.

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