Tenon Medical closes $4.3 million convertible notes private placement

Tenon Medical, Inc. (NASDAQ: TNON) completed a private placement of senior convertible promissory notes raising $4.3 million in gross proceeds from institutional and high net worth investors, the company announced.

The notes carry a 20% original issue discount and have an aggregate principal amount of $4.3 million with a maturity date of September 11, 2026. The notes become convertible into common stock six months after issuance at a conversion price equal to 80% of the volume-weighted average price for the three trading days immediately prior to conversion.

The medical device company plans to use net proceeds for commercial expansion, product development, clinical studies, working capital and general corporate purposes.

WallachBeth Capital, Inc. served as placement agent for the offering. Sichenzia Ross Ference Carmel LLP acted as legal counsel to Tenon Medical, while Sheppard, Mullin, Richter and Hampton LLP represented the placement agent.

The notes and shares issuable upon conversion have not been registered under the Securities Act of 1933 or state securities laws. Additional transaction details will be available in the company's Form 8-K filing with the Securities and Exchange Commission.

Tenon Medical develops medical devices for sacro-pelvic disorders, including The Catamaran SI Joint Fusion System that launched nationally in October 2022. The system uses a single titanium implant designed to stabilize the sacroiliac joint through both axial and sagittal planes.

You May Also Be Interested In

• Barclays Upgrades 1&1 AG (1U1:GR) to Overweight
• Western Union awaits final state approval to close Intermex deal
• Identiv to sell IoT assets to Trackonomy for $50M in preferred equity