Form 8-K - Current report
August 26 2024 - 3:30PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 23, 2024
TENON MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41364 |
|
45-5574718 |
(State or other jurisdiction |
|
(Commission File Number) |
|
(IRS Employer |
of incorporation) |
|
|
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Identification No.) |
104 Cooper Court |
|
|
Los Gatos, CA |
|
95032 |
(Address of principal executive offices) |
|
(Zip Code) |
(408) 649-5760
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
TNON |
|
The Nasdaq Stock Market LLC |
Warrants |
|
TNONW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 23, 2024, Tenon Medical, Inc. (the “Company”)
received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) dated August 23, 2024, notifying
the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq
Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2,500,000.
In the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, the Company reported stockholders’
equity of $832,000, which is below the minimum stockholders’ equity required for continued listing pursuant to Nasdaq Listing Rule
5550(b)(1). In addition, the Company does not currently meet the alternative compliance standards relating to the market value of listed
securities or net income from continuing operations.
Under Nasdaq rules, the Company has 45 calendar
days to submit a plan or regain compliance, however the Notice provides the Company until October 7, 2024 to submit a plan or regain compliance
with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an
extension of up to 180 calendar days from the date of the Notice for the Company to regain compliance.
The Company is presently evaluating various courses
of action to regain compliance and intends to timely submit a plan to Nasdaq to regain compliance with the Nasdaq Listing Rule 5550(b)(1).
However, there can be no assurance that the Company’s plan will be accepted or that if it is, the Company will be able to regain
compliance and maintain its listing on The Nasdaq Capital Market. If the Company fails to submit a plan to regain compliance with the
minimum stockholders’ equity standard, or the Company’s plan is not accepted, or if Nasdaq grants an extension but the Company
does not regain compliance within the extension period, Nasdaq will provide notice that the Company’s securities will become subject
to delisting. In such event, Nasdaq rules permit the Company to request a hearing before an independent Hearings Panel which has the authority
to grant the Company an additional extension of time of up to 180 calendar days to regain compliance.
The Notice has no immediate effect on the listing
or trading of the Company’s common stock on the Nasdaq Capital Market and does not affect the Company’s business, operations, or
reporting requirements with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 26, 2024 |
TENON MEDICAL, INC. |
|
|
|
|
By: |
/s/ Steven M. Foster |
|
Name: |
Steven M. Foster |
|
Title: |
Chief Executive Officer and President |
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Aug. 23, 2024 |
Document Type |
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Document Period End Date |
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Entity File Number |
001-41364
|
Entity Registrant Name |
TENON MEDICAL, INC.
|
Entity Central Index Key |
0001560293
|
Entity Tax Identification Number |
45-5574718
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
104 Cooper Court
|
Entity Address, City or Town |
Los Gatos
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
95032
|
City Area Code |
408
|
Local Phone Number |
649-5760
|
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Entity Emerging Growth Company |
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Common Stock, par value $0.001 per share |
|
Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
Trading Symbol |
TNON
|
Security Exchange Name |
NASDAQ
|
Warrants |
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Title of 12(b) Security |
Warrants
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Trading Symbol |
TNONW
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Security Exchange Name |
NASDAQ
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