Tenon Medical (TNON) Announces 1:8 Reverse Share Split

Tenon Medical, Inc. ("Tenon" or the "Company") (NASDAQ: TNON), a company transforming care for patients suffering with certain sacroiliac joint disorders, today announced, a 1:8 reverse stock split of the Company's issued and outstanding common stock.

The reverse stock split will become effective at 12:01, Eastern Time, on September 6, 2024, prior to the commencement of trading on the Nasdaq Capital Market. As of that time, each 8 shares of issued and outstanding common stock will be converted into one share of common stock. The Company's common stock is expected to commence trading on a split-adjusted basis when the markets open on September 6, 2024, under the existing trading symbol "TNON." The new CUSIP number for the Company's common stock following the reverse stock split will be 88066N303.

At the special meeting held on December 21, 2023, the Company's stockholders approved the reverse stock split. The primary goal of the reverse stock split is to increase the per share market price of the Company's common stock to meet the minimum $1.00 average closing price requirement for continued listing on the Nasdaq Capital Market.

Vstock Transfer, LLC ("Vstock"), the Company's transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with book-entry shares or who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders of record holding certificates representing pre-split shares of the Company's common stock, as applicable, will receive a letter of transmittal from Vstock with instructions on how to surrender certificates representing pre-split shares. Stockholders should not send in their pre-split certificates until they receive a letter of transmittal from Vstock. Unless a stockholder specifically requests a new paper certificate or holds restricted shares, stockholders of record who held pre-split certificates will receive their post-split shares book-entry and will be receiving a statement from Vstock regarding their common stock ownership post-reverse stock split. No fractional shares will be issued in connection with the reverse stock split. All fractional shares will be rounded up to the next whole share.

Additional information about the reverse stock split can be found in the Company's definitive proxy statement (the "Proxy Statement") filed with the Securities and Exchange Commission (the "SEC") on November 22, 2023, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's Investor Relations website at https://ir.tenonmed.com/.

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