Why Tenon Medical Shares Are Down 50%

Tenon Medical Inc TNON shares are trading lower by 54.85% to $0.28 Wednesday afternoon after it priced its public offering of $5.6 million at $0.56 per unit.

What Else?

The units are priced at $0.56 each in the public offering, with immediate exercisability of warrants at the same price and a five-year expiration. The common stock and warrants are offered together but issued separately and become separable immediately upon issuance.

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The expected gross proceeds are approximately $5.6 million, and the warrants will trade on Nasdaq starting June 15, 2023, under the symbol "TNONW". The offering is scheduled to close on June 16, 2023, subject to customary conditions.

According to data from Benzinga Pro, TNON has a 52-week high of $3.45 and a 52-week low of $0.25.