NEW YORK, May 24, 2026, 09:03 (EDT)
- Tenon Medical reported a new Nasdaq listing issue involving stockholders’ equity. The company faces a July 6 deadline to send in its compliance plan.
- TNON ended Friday at $0.7175, up 0.38% from Thursday. Shares gained about 1.5% this week.
- Nasdaq stays shut Monday for Memorial Day. The first trading test lands Tuesday.
Tenon Medical is back in the spotlight over a Nasdaq compliance issue. The medical-device maker said it fell below the exchange’s minimum stockholders’ equity rule, putting shares under a new cloud as markets enter a holiday-shortened week. Stockholders’ equity measures what’s left for shareholders when liabilities are taken from assets.
Tenon has until July 6 to file a plan to get back in compliance, according to the notice. But shares are already under $1 and facing a separate Nasdaq bid-price deadline. TNON ended Friday at $0.7175, up 0.38% on 72,693 shares traded. The Nasdaq Composite was up 0.19% at 26,343.97.
U.S. markets are closed on Monday for Memorial Day, leaving investors waiting until Tuesday for regular trading to resume. According to Nasdaq’s 2026 holiday calendar, the market will be closed May 25.
Tenon reported in its May 22 filing that stockholders’ equity was $1.895 million as of March 31, short of Nasdaq Capital Market’s $2.5 million minimum. The company also said it doesn’t qualify under Nasdaq’s other standards, including market value of listed securities or net income from continuing operations.
TNON’s action Friday was quiet. The stock gained about 1.5% for the week, ending at $0.7175 on May 22 from $0.7070 on May 15. During the week, shares traded in a narrow band, moving between about $0.68 and $0.73, per Investing.com historical prices.
Tenon showed some operating traction ahead of the listing problem. First-quarter revenue came in at $1.4 million, almost doubling from last year, with gross profit at $0.9 million. Gross margin jumped to 68.5% from 44.5% as a percentage of revenue, measured before operating costs.
Tenon CEO Steven Foster told analysts on the May 12 earnings call that the company made a “solid start in 2026” and hit its “highest for any first quarter” revenue and gross profit. CFO Kevin Williamson said operating expenses in the first quarter were “a good baseline” for the full year. Investing
The company pointed to more procedures using its Catamaran system and sales from SImmetry+ after buying SiVantage in August 2025. SImmetry+ is used for SI joint fusion, a procedure to steady the sacroiliac joint that connects the spine and pelvis.
The balance sheet raises more questions. Tenon showed $4.6 million in cash and cash equivalents on March 31, with an accumulated deficit of $84.8 million and still no positive operating cash flow. In its 10-Q, the company said the current cash isn’t enough to cover operating costs and working capital for the next 12 months from when the report was filed.
Tenon is still facing a Nasdaq minimum bid-price notice it got in February. Its 10-Q says the deadline to comply is August 24, so Tenon needs to keep its closing bid at $1.00 or more for at least 10 days in a row. The company said a reverse stock split is an option if needed, since that would cut share count and raise the price per share.
SI-BONE still dwarfs Tenon in sacropelvic devices. SI-BONE put up $52.6 million in global revenue for the first quarter and ended with $144.7 million in cash and equivalents, compared to Tenon’s $1.4 million sales and $4.6 million cash. The funding gap is clear in a market where surgeon training, clinical evidence, and product access all require capital.
Tenon faces a risk that Nasdaq could reject its listing plan, or that it might not boost its equity and share price in time. The company has already flagged “substantial doubt” about staying afloat, raising questions about its ability to meet payments in the next year unless it gets more funding or takes other steps. SEC
Tenon investors have a tight focus this week. Tuesday’s reopening will make clear if the May 22 notice is seen as just paperwork or a signal Tenon has funding needs. The next specific deadline is July 6, when Tenon is set to submit its compliance plan.
