Tenon Medical closes $4.2M public offering via WallachBeth Capital

Tenon Medical, Inc. (NASDAQ: TNON), a medical device company focused on sacro-pelvic disorders, closed a public offering raising $4.2 million in gross proceeds, before placement agent fees and other expenses, according to a press release from WallachBeth Capital LLC.

The offering consisted of 11,052,631 shares of common stock 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. Pre-funded warrants were also available in lieu of common stock at an exercise price of $0.001 per share. The number of shares underlying the warrants will increase to 16,578,949 if the company executes a reverse stock split.

Tenon Medical said it plans to use the net proceeds for partial repayment of outstanding convertible notes, expansion of its commercial operations, hiring additional sales representatives, broadening its distribution network, continuing clinical research, funding research and development, and increasing inventory and instrumentation capacity, as well as general corporate purposes.

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

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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