Tenon Medical closes warrant deal, raises $2.87M

Tenon Medical, Inc. (NASDAQ: TNON) has closed a warrant inducement agreement with an institutional investor, generating gross proceeds of $2,872,338, according to a press release from the Los Gatos, California-based medical device company.

Under the terms of the transaction, the investor exercised outstanding warrants to purchase 572,179 shares of common stock. In exchange, the investor received new unregistered warrants to purchase up to 858,269 shares of common stock, equal to 150% of the shares issued through the exercised warrants. The new warrants carry an exercise price of $5.02 per share, are immediately exercisable, and expire five years from the date of issuance.

The gross proceeds figure excludes any potential proceeds from the exercise of the new warrants and is before deducting financial advisor fees and other expenses. WallachBeth Capital served as financial advisor for the transaction.

The new warrants were issued in a private placement under an exemption from the registration requirements of the Securities Act of 1933. Tenon Medical said it has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of shares issuable upon exercise of the new warrants.

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