Tenon Medical (NASDAQ:TNON) stock is falling on Monday after the surgical implant company announced a proposed public offering for its shares.
Tenon Medical announced the proposed public stock offering for TNON shares after markets closed on Friday. As such, traders are seeing the effects of that announcement during pre-market trading hours today.
Tenon Medical hasn’t revealed many of the more important details of the offering. That includes no idea how many shares are being offered or what they will be priced at. What we do know is that Maxim Group LLC is acting as the sole placement agent for it.
How This Affects TNON Stock
TNON stock is dropping on Monday morning alongside strong trading of the shares. This has more than 456,000 shares on the move as of this writing. That’s closing in on the company’s daily average trading volume of about 782,000 shares.
This increased trading activity on Monday morning is likely due to investors selling shares after hearing the stock offering news. Traders don’t often take public offering news well as it dilutes their stakes in a company by increasing its total number of shares issued. Also, the stock offerings are oftentimes priced below the stock’s prior closing price.
TNON stock is down 30.3% as of Monday morning and is down 84.2% year-to-date as of Friday’s close.
There’s even more stock market news that traders will want to know about on Monday!
Luckily, we’ve got all of that news ready to go with our coverage of the latest stock market stories for today. A few examples of that include why shares of Versus Systems (NASDAQ:VS) and Crinetics Pharmaceuticals (NASDAQ:CRNX) stock are up, as well as the biggest pre-market stock movers this morning. All of that news is ready to go below!
More Monday Stock Market News
- Why Is Versus Systems (VS) Stock Up 17% Today?
- Why Is Crinetics Pharmaceuticals (CRNX) Stock Up 64% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
