Tenon Medical, Inc. Announces Pricing of $16 Million Initial Public Offering

LOS GATOS, CA / ACCESSWIRE / April 26, 2022 / Tenon Medical, Inc. ("Tenon" or the "Company"), a medical device company that has developed a proprietary, U.S. Food and Drug Administration ("FDA") cleared surgical implant system for sacroiliac joint ("SI Joint") fixation/fusion surgery, today announced the pricing of its initial public offering of 3,200,000 shares of its common stock at a price of $5.00 per share which reflects a 2 for 1 reverse stock split that was effective on April 6, 2022

The gross proceeds of the offering, before deducting underwriting discount and commission and other offering expenses are expected to be $16 million. The shares have been approved for listing on the Nasdaq Capital Market ("Nasdaq") and will trade under the ticker symbol "TNON" beginning April 27, 2022. The offering is expected to close on April 29, 2022, subject to customary closing conditions.

The Benchmark Company, LLC and Valuable Capital Limited acted as underwriters for the offering.

A registration statement relating to the sale of these securities was declared effective by the Securities and Exchange Commission on April 26, 2022. This offering is made only by means of a prospectus. Once available, copies of the final prospectus related to the offering may be obtained from The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155 or by calling 212-312-6700 or by emailing prospectus@benchmarkcompany.com. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

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

About Tenon Medical, Inc.

Tenon Medical, Inc., a medical device company formed in 2012, has developed a proprietary, FDA cleared surgical implant system, which is designed to optimize SI-Joint fixation / fusion surgery and corresponding outcomes. Tenon is preparing a national launch of this system to address the greatly underserved market opportunity that exists in this space.

Safe Harbor

This press release contains "forward-looking statements," which are statements related to events, results, activities or developments that Tenon Medical expects, believes or anticipates will or may occur in the future. Forward-looking often contain words such as "intends," "estimates," "anticipates," "hopes," "projects," "plans," "expects," "seek," "believes," "see," "should," "will," "would," "target," and similar expressions and the negative versions thereof. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. Such statements are based on Tenon Medical'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 Registration Statement on Form S-1 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.

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

SOURCE: Tenon Medical, Inc.