Tenon Medical Prices $4.2M Offering of 11.05M Shares and Warrants
TNON•Tenon Medical priced a public offering of 11,052,631 common shares (or pre-funded warrants) with 13,263,159 warrants at $0.38 per share, raising about $4.2 million gross. Net proceeds will repay convertible notes and fund commercial expansion, clinician training, R&D, inventory increases and general corporate purposes.
1. Offering Details
Tenon Medical has priced a public offering of up to 11,052,631 common shares or pre-funded warrants and accompanying warrants for 13,263,159 shares at a combined price of $0.38 per share, generating approximately $4.2 million in gross proceeds.
2. Use of Proceeds
The company intends to apply net proceeds to partial repayment of outstanding convertible notes, expansion of its commercial footprint through clinician training and additional sales reps, R&D for future product launches, inventory and instrumentation increases, and general corporate purposes.
3. Warrant Terms
Common stock purchase warrants are immediately exercisable at $0.38 per share, while pre-funded warrants are exercisable at $0.001 per share and remain valid until fully exercised.
4. Placement Agent and Counsel
WallachBeth Capital LLC acted as sole placement agent for the offering, with Sichenzia Ross Ference Carmel LLP serving as legal counsel to the company and Sheppard, Mullin, Richter & Hampton LLP advising the placement agent.
