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GENFI · FORENSICS

INDEX/$TNON · 2026-09-10

$TNON

$2.4400−27.38%

Tenon Medical · NasdaqCM · mkt cap $2.52M · cash $1.68M (Jun 30) · thin 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 → Armistice resale → inducement setup

RATINGS

  • OVERALLHIGH
  • OVERHEADHIGH
  • DILUTIONHIGH
  • DIL. FREQHIGH
  • OFFERINGMED
  • CASH NEEDHIGH
  • COMPLIANCEMED
  • BANKERD

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THREE FINDINGS

  1. 01Note repay into live Armistice resale (cash thin)

    Sep 9 8-K repaid ~$5.16M OID notes a day early — convert overhang gone, cash spent. Sep 8 EFFECT made 1.84M resale shares (mostly Armistice PF + Series A @ $5.02) sellable on/after exercise.

  2. 02Issuer prints ~$0; holders ~178% of O/S registered

    No live ATM/primary. Cover O/S 1.03M vs 1.84M EFFECT resale. Armistice / $5.02 Series A stack already live; OTM economics ≠ sellable. Financing path favors holder exercises / WallachBeth-style paper over a clean ATM.

  3. 03Nasdaq equity still monitored to Sept 30 10-Q (≥$2.5M)

    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. Cash thin post-repay makes the equity clock binding.

  4. 04SETUP (OPINION): warrant inducement / holder cash pull before equity evidence

    PIT-clean setup only — not a prediction of a specific deal: with printable primary ~$0 and equity evidence due at Sept 30, company may need a warrant inducement or similar WallachBeth-style cash pull.

  5. 05AFTER-CUTOFF Sep 11: warrant inducement ~$2.87M (not free float on new warrants)

    Wire after cutoff (~14:00 ET Sep 11): exercise 572,179 existing warrants → ~$2.87M gross; new unregistered warrants 858,269 @ $5.02 (150%); WallachBeth; close ~Sep 14. Old warrants needed no timed unlock (inducement sweetens OTM cash exercise). HARD RULE: new warrants are NOT sellable/free float until resale EFFECT.

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

  1. 2026-08-24

    Bid cured

    5550(a)(2) Staff letter; matter closed after 1-for-35 RS

  2. 2026-09-30

    Equity monitor

    Must evidence $2.5M stockholders equity in Q3 10-Q

  3. ongoing

    Going concern

    Haskell & White YE2025 substantial-doubt paragraph; 10-Q reiterates

NEXT WATCH

  • Sept 30 / Q3 10-Q Nasdaq equity evidence (≥$2.5M)
  • Inducement close ~Sep 14 / resale S-3 for NEW warrants EFFECT (not free float until then)
  • Armistice PF exercises into strength
  • Any tape through $5.02 Series A
  • 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.