Tenon Medical(R) Announces Pricing of At-The-Market PIPE Financing

Rhea-AI Summary

Tenon Medical (NASDAQ:TNON) announced an at-the-market PIPE financing priced on November 11, 2025 to raise gross proceeds of $2,850,000. Under securities purchase agreements dated September 10, 2025, the company will issue 2,217,904 shares of common stock and warrants to purchase 2,217,904 shares at a combined offering price of $1.285 per share plus warrant. The PIPE warrants carry a $1.16 strike price and expire three years from issuance. The Issued Shares and warrant shares will have customary resale registration rights. Closing is subject to customary conditions. Tenon intends to use proceeds for working capital, product launches, commercial expansion, clinical studies, and core operations.

Positive

• $2.85M gross proceeds raised
• Issued 2,217,904 common shares
• Warrants cover 2,217,904 shares with 3‑year term
• Strategic investor and management participation

Negative

• Potential dilution from 2,217,904 issued shares and warrants
• Warrant strike of $1.16 is below combined offering price, enabling exercise at a lower level

Insights

Capital Markets Analyst

Modest capital raise via an at-the-market PIPE provides short-term liquidity but increases share count and warrants.

Tenon Medical secures $2,850,000 by issuing 2,217,904 common shares and warrants at a combined price of $1.285 per share.

The structure creates immediate cash while adding dilution through issued shares and PIPE Warrants with a $1.16 strike and 3 years from issuance expiry; resale registration rights may ease secondary sales pressure.

Key items to watch over the next 6–12 months include closing conditions, actual cash received, use of proceeds for product launches and commercial expansion, and near‑term share count changes.

Commercial & Clinical Operations Analyst

Proceeds target commercial launches, study advancement, and working capital to support near-term execution.

Tenon Medical plans to allocate the PIPE proceeds for product launches, commercial expansion, and clinical studies, which directly links funding to operational milestones.

Execution risk depends on timely deployment of funds to those activities and on meeting closing conditions for the financing; no performance outcomes are disclosed.

Monitor spending cadence, clinical milestone announcements, and any stated timelines for product launches or study updates within the next 12 months.

~ Strategically Placed PIPE With Industry Supportive Investor Cohort ~

LOS GATOS, CA / ACCESS Newswire / November 11, 2025 / Tenon Medical, Inc. (NASDAQ:TNON) ("Tenon" or the "Company"), a company transforming care for patients suffering with certain sacro-pelvic disorders, today announced the pricing of an at-the-market private investment in public equity (the "PIPE") financing with several accredited investors for total gross proceeds of $2,850,000.

The PIPE is designed to provide accretive capital through participation from strategic industry partners and members of Tenon's management team. The Company believes that this alignment underscores the confidence and commitment of key stakeholders in Tenon's long-term vision and growth strategy.

Under the terms of securities purchase agreements, dated September 10, 2025 between the Company and the applicable investors, the Company will issue, an aggregate of 2,217,904 shares of common stock (the "Issued Shares") and warrants (the "PIPE Warrants") to purchase 2,217,904 shares of common stock at a combined offering price of $1.285 per share of common stock and warrant to purchase one share of common stock. The PIPE Warrants have a strike price of $1.16 per share, with an expiration date of 3 years from the date of issuance. The Issued Shares and the shares underlying PIPE Warrants will be entitled to customary resale registration rights. The closing of the PIPE is subject to customary closing conditions for financing of this nature.

The gross proceeds from PIPE are expected to be $2.85 million. The Company intends to use the PIPE proceeds for working capital and general corporate purposes. Proceeds from the PIPE will support Tenon Medical's upcoming product launches, expansion of commercial operations, advancement of clinical studies, and continued investment in core business operations.

The securities sold in the PIPE have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws and accordingly may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Tenon Medical, Inc.

Tenon Medical, Inc., a medical device company formed in 2012, has developed The Catamaran SI Joint Fusion System that offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The system features the Catamaran™ Fixation Device which passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI Joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach is also designed to provide a pathway away from critical neural and vascular structures and into the strongest cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022, Tenon is focused on three commercial opportunities with its System in the SI Joint market which include: 1) Primary SI Joint procedures, 2) Revision procedures of failed SI Joint implants and 3) Augmenting spinal fusion. For more information, please visit www.tenonmed.com.

The Tenon Medical logo shown above, and Catamaran®, PiSIF®, CAT PiSIF®, ETAD®, Posterior Inferior Sacroiliac Fusion®, CAT SIJ Fusion System®, Catamaran SIJ Fusion System®, Catamaran Inferior Posterior Fusion System®, Catamaran Transfixation Fusion System®, Catamaran Transfixation Fusion Device®, SImmetry® are registered trademarks of Tenon Medical, Inc. MAINSAIL^TM, and SImmetry+™ are also trademarks of Tenon Medical, Inc.

Safe Harbor

This press release contains "forward-looking statements," which are statements related to events, results, activities, or developments that Tenon expects, believes, or anticipates will or may occur in the future. Forward-looking often contains words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," "aims," and similar expressions and the negative versions thereof. Such statements are based on Tenon's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances, and speak only as of the date made. Forward-looking statements are inherently uncertain, and actual results may differ materially from assumptions, estimates or expectations reflected or contained in the forward-looking statements as a result of various factors. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, please review our Annual Report on 10-K and other reports on file with the Securities and Exchange Commission at www.sec.gov, particularly the information contained in the section entitled "Risk Factors". We undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise unless required by law.

IR Contact:

Shannon Devine
203-741-8811
MZ North America
tenon@mzgroup.us

SOURCE: Tenon Medical, Inc.

View the original press release on ACCESS Newswire

FAQ

How much did Tenon Medical (TNON) raise in the November 11, 2025 PIPE financing?

Tenon Medical priced a PIPE to raise $2,850,000 in gross proceeds.

How many shares and warrants did Tenon (TNON) agree to issue in the PIPE?

The company will issue 2,217,904 common shares and PIPE warrants to purchase 2,217,904 additional shares.

What are the PIPE warrant terms for Tenon Medical (TNON)?

PIPE warrants have a $1.16 strike price and expire 3 years from issuance.

What will Tenon Medical (TNON) use the PIPE proceeds for?

Proceeds are intended for working capital, product launches, commercial expansion, clinical studies, and core operations.

Are the PIPE shares and warrants subject to resale registration for Tenon (TNON)?

Yes; the Issued Shares and shares underlying the PIPE warrants will have customary resale registration rights.