Tenon Medical Inc. (NASDAQ:TNON) shares surged 82.86% to $0.64 after the bell on Thursday.
According to Benzinga Pro data, the stock closed the regular session down 41.87%, to $0.35, reaching its annual low.
Despite the TNON tumble in the regular session, volume spiked well past usual levels. Volume for the day surged to 33.91 million shares, approximately 391 times the stock’s average daily volume of 86,700 shares, indicating exceptionally strong trading activity. Short interest stood at 1.41%.
Rally Comes At A Precarious Moment
The timing of the investor optimism is notable, as Tenon is already facing Nasdaq compliance issues. On May 21, Nasdaq notified the company that it no longer meets a listing requirement that mandates at least $2.5 million in stockholders’ equity. Tenon reported just $1.895 million in stockholders’ equity for the quarter ended Mar. 31 and does not qualify under the alternative standards based on market value or net income.
