Tenon Medical prices $4.2M offering of up to 11,052,631 shares and warrants
Tenon Medical, Inc. has priced a public offering of up to 11,052,631 shares of common stock and warrants to purchase 13,263,159 shares at a combined price of $0.38 per share, aiming for $4.2 million in gross proceeds. The company intends to use the net proceeds for repaying convertible notes, expanding its commercial footprint, and funding clinical research. WallachBeth Capital LLC is the sole placement agent for the offering.
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Tenon Medical, Inc. has priced a public offering of securities for aggregate gross proceeds of approximately $4.2 million, before deducting placement agent fees and other estimated offering expenses. The offering consists of up to 11,052,631 shares of common stock, par value $0.001 per share, together with common stock purchase warrants to purchase up to 13,263,159 shares of common stock. The securities are offered at a combined public offering price of $0.38 per share of common stock and accompanying Common Warrants.
The Common Warrants will be immediately exercisable, entitling the holder to purchase one share of common stock at an exercise price of $0.38 per share. Pre-funded warrants, if issued in lieu of common stock, are exercisable at $0.001 per share. The common stock and Common Warrants are being sold together in this offering but will be issued separately.
Tenon Medical expects to use the net proceeds for partial repayment of outstanding convertible notes. Funds will also support the expansion of the commercial footprint of its product portfolio, including training clinicians and hiring additional direct sales representatives. The company plans to expand its external distribution network and continue clinical research studies to support reimbursement efforts.
Offering Details
| Component | Details |
|---|---|
| Gross Proceeds | $4.2 million |
| Common Stock Shares | Up to 11,052,631 |
| Common Warrants Shares | Up to 13,263,159 |
| Combined Public Offering Price | $0.38 per share |
| Warrant Exercise Price | $0.38 per share |
| Pre-Funded Warrant Exercise Price | $0.001 per share |
WallachBeth Capital LLC is acting as the sole placement agent for the offering. Sichenzia Ross Ference Carmel LLP served as legal counsel to Tenon Medical, while Sheppard, Mullin, Richter & Hampton LLP acted as counsel to WallachBeth Capital LLC.
The securities are being offered pursuant to a registration statement on Form S-1 (File No.: 333-296952) and a registration statement on Form S-1MEF (File No.: 333-297142), which were declared effective by the Securities and Exchange Commission.
How will the repayment of convertible notes impact Tenon Medical's debt structure and financial flexibility?
What are the expected timelines for expanding the commercial footprint and hiring additional sales representatives?
How will the company measure the success of its clinician training programs and external distribution network expansion?
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