03:52 AM EDT, 09/13/2024 (MT Newswires) -- Tenon Medical ( TNON ) said late Thursday it priced a public offering with a health-care focused institutional investor, consisting of up to 1.2 million common shares and warrants to purchase as many shares at a combined price of $3.68.

The company expects to raise about $4.5 million in gross proceeds from the sale.

The warrants can be exercised immediately at $3.55 per share, the company said.

The proceeds from the offering, expected to close on Sept. 16, will be used for business activities, working capital and general purposes.

Shares of Tenon fell more than 14% in after-hours activity Thursday.

Price: 3.7700, Change: -0.63, Percent Change: -14.32