NEW YORK, June 18, 2026, 19:01 (EDT)
- Tenon Medical ended the session at $0.35, off 41.9%. Roughly 31.75 million shares traded hands, over 360 times its usual average.
- The drop happened while the Nasdaq Composite jumped 1.9% Thursday and the Russell 2000 small-cap index added 2.1%.
- Nasdaq is closed Friday, June 19, for Juneteenth. The exchange reopens for trading on Monday.
Tenon Medical Inc. shares plunged 41.9% Thursday, ending the session at 35 cents and reaching a new 52-week low. Volume spiked well past usual levels as the small medical-device stock tumbled.
Tenon is facing Nasdaq compliance issues now, so the timing matters. A stock price under $1 puts its listing at risk. With this big fall hitting right before a market holiday, investors get less time to respond before the market opens up again on Monday.
Sellers showed up even as stocks rallied elsewhere. The S&P 500 gained 1.1%, the Nasdaq climbed 1.9% and the Russell 2000 rose 2.1% at the close, the Associated Press reported.
Tenon said last month that it got a notice from Nasdaq for falling short of the $2.5 million minimum stockholders’ equity needed to stay listed. At March 31, Tenon’s stockholders’ equity was $1.895 million. The company has until July 6 to send a plan to get back in line. The filing stated the notification had “no immediate effect” on Tenon’s trading.
Another issue is on the table. In a preliminary proxy filed with the SEC, Tenon is asking shareholders to back a reverse stock split, which would cut the number of shares and likely lift the trading price, with a possible ratio anywhere from 1-for-2 up to 1-for-35. Investors are due to vote at a virtual annual meeting set for July 23.
Tenon makes implants used in sacroiliac (SI) joint fusion, a surgery to stabilize the joint that connects the spine and pelvis. The company reported in May that first-quarter revenue jumped roughly 90% to $1.4 million. Gross margin climbed to 68.5%. CEO Steven Foster called the quarter “early returns on the strategy” and said Tenon plans to “drive continued procedure growth.”
Tenon’s growth hasn’t fixed its balance-sheet problem. The 10-Q listed $4.6 million in cash and equivalents as of March 31 and an $84.8 million accumulated deficit. The company still hasn’t generated positive operating cash flow. According to the filing, current cash won’t cover its obligations for at least the next 12 months—a going-concern warning that raises doubt about funding in the normal course.
Competitive names didn’t move the needle for the stock on Thursday. SI-BONE, a bigger SI-joint device firm, finished up at $15.84. Orthofix Medical, focused on spine and ortho, climbed to $9.45. Tenon’s drop looked less like a sector move and more like investors reacting to its capital structure.
Tape action was rough, and the numbers back it up. Over 31 million shares traded, way above the 90,000 average—signs of fast money pushing prices around, rather than a steady investor shift.
The risks are still on the table. A reverse split fixes the share price, but it doesn’t bring in cash or fix equity on its own. Taking on more debt or issuing new shares could dilute current shareholders. Nasdaq could also block or limit the company’s compliance if the plan isn’t enough.
