(RTTNews) - Tenon Medical, Inc. (TNON), a medical device company that focuses on sacro-pelvic disorders, has entered into a securities purchase agreement with an institutional investor to sell 0.598 million shares of common stock or pre-funded warrants in lieu thereof, together with a warrant to purchase up to an aggregate of 1.06 million shares in a private placement offering.
The combined effective offering price for each share of common stock and accompanying warrants to be issued is $5.02. The combined effective offering price for each pre-funded warrant and accompanying warrants to be issued is $5.019.
The gross proceeds from the offering are estimated at approximately $3 million. The offering is expected to close on or about August 31, 2026, subject to the satisfaction of customary closing conditions.
The pre-funded warrants will have an exercise price of $0.001 per share of common stock, and the warrants will have an exercise price of $5.02 per share, will be immediately exercisable, and will expire five years from the date of issuance.
WallachBeth Capital LLC is acting as the sole placement agent in connection with the offering.
TNON has traded between $4.37 and $50.40 over the last year. The stock closed Friday's trade at $5, down 0.40%.
In the pre-market, TNON is down 4.79% at $4.76.
For more such biotechstock news visit www.rttnews.com.