Tenon Medical announces 1-for-10 reverse stock split

Tenon Medical announced a 1:10 reverse stock split of the Company’s issued and outstanding common stock. The reverse stock split will become effective at 12:01, Eastern Time, on November 2, 2023, prior to the commencement of trading on the Nasdaq Capital Market. As of that time, each 10 shares of issued and outstanding common stock will be converted into one share of common stock. The Company’s common stock is expected to commence trading on a split-adjusted basis when the markets open on November 2, 2023, under the existing trading symbol “TNON.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 88066N204. At the annual meeting held on September 13, 2023, the Company’s stockholders approved the reverse stock split. The primary goal of the reverse stock split is to increase the per share market price of the Company’s common stock to meet the minimum $1.00 average closing price requirement for continued listing on the Nasdaq Capital Market.