Shares of Tenon Medical Inc. (NASDAQ:TNON) slipped 2.5% on Tuesday after the medical device company announced the pricing of a $2.85 million private investment in public equity (PIPE) transaction.

Under the terms of the deal, Tenon will issue approximately 2.22 million shares of common stock along with warrants to purchase an equal number of shares. The combined offering price is $1.285 per share and warrant, with the warrants exercisable at $1.16 per share and set to expire three years after issuance.

Tenon Medical said the PIPE financing includes participation from strategic industry partners and members of its management team, which it believes “underscores the confidence and commitment of key stakeholders in Tenon’s long-term vision and growth strategy.”

The company plans to use the funds to support working capital and general corporate initiatives, including new product launches, expansion of commercial operations, advancement of clinical programs, and continued investment in its core business.

Tenon emphasized that the securities being offered are not registered under the Securities Act of 1933 and therefore cannot be sold in the United States without registration or an applicable exemption.

The closing of the financing is subject to standard conditions typically required for transactions of this nature.

Tenon Medical stock price

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