Tenon Medical prices $4.2M public offering at $0.38 per share

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

The offering consists of up to 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. The offering also includes common stock purchase warrants to purchase up to 13,263,159 additional shares of common stock at an exercise price of $0.38 per share. Pre-funded warrants carry an exercise price of $0.001 per share and may be exercised at any time until exercised in full.

Tenon Medical said it plans to use the net proceeds for partial repayment of outstanding convertible notes, expansion of its commercial operations including clinician training and hiring additional sales representatives, expansion of its external distribution network, clinical research, research and development, and increases to inventory and instrumentation capacities, as well as general working capital purposes.

The offering is being made pursuant to a registration statement previously declared effective by the Securities and Exchange Commission. WallachBeth Capital LLC is acting as sole placement agent for the offering. Sichenzia Ross Ference Carmel LLP served as legal counsel to Tenon Medical, and Sheppard, Mullin, Richter & Hampton LLP acted as counsel to WallachBeth Capital.

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