INDEX/$TNON · 2026-09-10
$TNON
$2.4400−27.38%Tenon Medical · NasdaqCM · mkt cap $2.52M · cash $1.68M (Jun 30) · post-repay VERIFY · O/S 1,032,578 common as of 2026-08-31 (424B3 cover)
Cutoff 2026-09-10 09:30 ET
Note repay into Armistice resale
RATINGS
- OVERALLHIGH
- OVERHEADHIGH
- DILUTIONHIGH
- DIL. FREQHIGH
- OFFERINGMED
- CASH NEEDHIGH
- COMPLIANCEMED
- BANKERD
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THREE FINDINGS
- 01Note repay into live Armistice resale
Sep 9 8-K repaid ~$5.16M OID notes a day early. Sep 8 EFFECT made 1.84M resale shares (mostly Armistice PF + Series A @ $5.02) sellable on/after exercise.
- 02Issuer prints $0; holders ~178% of O/S registered
No live ATM/primary. Cover O/S 1.03M vs 1.84M EFFECT resale. PF near-common once exercised; Series A OTM economics only at $2.44.
- 03Nasdaq equity still monitored to Sept 30 10-Q
Bid cured Aug 24. Equity claimed regained Jul 10 after $4.2M raise; Staff still watching Q3 evidence. 2-year RS 280:1 past 250:1 bar.
SUPPLY
- O/S
1,032,578
424B3 Aug 31 cover
- MKT CAP
$2.52M
- CASH
$1.68M Jun 30
post-repay VERIFY
- RESALE
1.84M EFFECT
Sep 8 · mostly Armistice
- SERIES A
1.06M @ $5.02
OTM economics
COMPLIANCE CLOCK
2026-08-24
Bid cured
5550(a)(2) Staff letter; matter closed after 1-for-35 RS
2026-09-30
Equity monitor
Must evidence $2.5M stockholders equity in Q3 10-Q
ongoing
Going concern
Haskell & White YE2025 substantial-doubt paragraph; 10-Q reiterates
NEXT WATCH
- Sept 30 / Q3 10-Q Nasdaq equity evidence
- Armistice PF exercises into strength
- Any tape through $5.02 Series A
- Next primary raise if cash thins
- Going-concern language at next audit
Internal research only — not investment advice. NOT a retail broker. Cutoff 2026-09-10 09:30 ET. Source files: HTML dossier, 1-pager, social pack, and PDF linked in VIEW. Do not treat this console as a solicitation or an offer to buy or sell securities.