Why Tenon Medical Stock (TNON) Is Exploding 50% Higher

Tenon Medical Inc TNON shares are trading higher by 57% to $0.23 Tuesday morning after the company announced it has withdrawn its proposed public offering of shares of its common stock.

Originally, all the common stock shares were being made available for sale by Tenon. Steven Foster, Chief Executive Officer of Tenon, commented:

"In the interest of achieving the best value for our stockholders, we made the decision to withdraw our recently announced public offering of common stock. We have a fiduciary responsibility to all our stakeholders and believe the value of our company would not have been properly reflected in the proposed offering of our common stock."

According to data from Benzinga Pro, TNON has a 52-week high of $3.11 and a 52-week low of $0.14.