Recaps · August 19, 2026

TNON, August 19: the $13 wall, six halts, and $17.80

• Small cap
• Momentum
• Main move: the morning
• Catalyst: filing
• Round-number break
• Halt run
• Halted six times
• Lower high, faded

Float

606,596 shares

Volume

25.73 million shares

Previous close

$5.65

Open

$11.69 (up 106.9%)

High

$17.80 at 10:47 a.m.

Halts

6 (9:40 a.m. and 10:07 a.m. and 10:31 a.m. and 10:40 a.m. and 10:51 a.m. and 12:02 p.m.)

Close

$11.40

The day before

On August 18, TNON ran from $5.04 to $10.11. It gave most of it back and closed at $5.65.

After hours it was back up to $9.64. At 12:15 a.m. on the 19th, the company filed an EFFECT notice (a registration went effective). That is all the filing tells us. By the morning TNON was trading far above the $5.65 close.

Pre-market: the float traded by 4:17 a.m.

The first trades on the 19th were at $10.30, already above the $5.65 close. By 4:17 a.m., more shares had traded than exist in the whole float (606,596). By 7:21 a.m. that was ten times the float.

It came in waves. From $9.00 at 4:07–4:08 a.m. it ran to $11.47 at 4:37 a.m., up 27%. From $9.43 at 6:08 a.m. it ran to $11.95 at 6:41 a.m., up 27% again.

Another push followed: from $9.80 at 6:44 a.m. to $12.44 at 7:13 a.m. The last one was smaller, about 15%. From $11.06 at 7:23 a.m. it ran to the pre-market high, $12.75 at 7:36 a.m. 9.22 million shares traded before the bell.

The open, and the wall at $13.00

It opened at $11.69, up 107% from the previous close. The first minute swung from $12.10 down to $10.80. After the open, the low was $10.05 at 9:59.

Four minutes after the pre-market high, at 7:40 a.m., an ask wall appeared at exactly $13.00. It peaked at 49,909 shares at 9:38 a.m., after the open, about 8% of the float.

Price tagged $13.00 at 9:36 and $12.97 at 9:38 but did not get through. Then came two halts. The stock was halted at 9:40:45 and reopened at 9:45:45 at $11.25. It was halted again at 10:07:28 and reopened at 10:12:28 at $11.36. From $10.25 at 10:01 it ran to $12.70 at 10:16, up 24%, and then pulled back.

Here's what happened. At 10:31:29 trades began printing at $13.00. In under a second, 31,481 shares traded at exactly $13.00 and the wall was gone. It wasn't pulled. Buyers ate it. One buy order of 99,049 shares went from $12.70 to $13.26 across 57 levels.

At 10:31:54 it was halted at $13.49. It reopened at 10:36:54 at $14.00, higher than where it stopped. A 5,000-share market buy one second after that reopen averaged $14.61, the same as the screen, because 7,683 shares were offered there. Not every reopen was thin.

Through $15 and a fourth halt

The reopen ran to $14.66, then dropped to $12.60 at 10:37 on a 36,131-share sell. From $13.00 at 10:38 it rebounded. At 10:39 it traded through $15.00 for the first time, helped by a 27,581-share buy that ran from $14.95 to $15.13. At 10:40:56 it was halted again, at $15.56.

The reopen came at 10:45:56. That minute it dipped to $14.75, then in the 10:46 minute it reached $17.28. The next minute, $17.80, the high of the day, at 10:47. That was up 215% from the $5.65 close.

Two more ask walls appeared above it: $20.00 from 10:46:27 and $18.00 from 10:49:10. Within three minutes of the high it was back at $15.28. It was halted at 10:51:28 and reopened at 10:56:28 at $14.27. Then it fell to $13.13 at 10:58, down 26% from $17.80.

The lower high and the fade

It came back once more. A bid wall formed at $15.00 at 11:24 and grew to 39,239 shares. At 11:30 it pushed to $17.34, a lower high under the $17.80 top, on a 32,359-share buy from $17.00 to $17.34.

At 11:36 it broke. A 30,516-share sell ran from $16.02 to $15.59. The minute dropped to $14.55 on 231,587 shares, and the $15.00 bid wall was pulled at 11:36:22.

From there it faded, with one more halt at 12:02:08 from $12.29. It reopened at 12:07:08 at $12.04. The path down: $14.21 at 11:41 a.m., $12.01 at 12:07 p.m., $10.70 at 2:38 p.m., and $11.40 at the close.

After hours it slid to $9.11 by 4:52 p.m. and was at $9.70 by 7:59 p.m. For the day through the close, 25.01 million shares traded: the float changed hands about 41 times. Relative volume was about 66. It was halted 6 times.

What to take from it

• Here the $13.00 ask wall was a level, not a ceiling. The $13.00 wall (49,909 shares at its peak) was eaten in under a second, and the stock hit $17.80 in the 10:47 minute, about sixteen minutes later.
• Chasing a halt reopen can cost more than the screen says. At 10:45:57 a 5,000-share buy averaged $1,849 above the screen. At 10:36:55, with more shares on offer, it averaged the screen price.
• After the top, the next push stopped lower. $17.80 at 10:47 a.m., then $17.34 at 11:30 a.m. It closed at $11.40, 36% below the high.