Recaps · August 28, 2026

TNON, August 28: an 8:15 headline, $8.17, and the $5.00 bid

• Small cap
• Momentum
• Main move: pre-market
• Catalyst: news (private placement)
• Float traded 6.6x
• Round-number bid
• Spike and fade

Float

606,596 shares

Volume

3.98 million shares

Previous close

$5.02

Open

$5.46 (up 8.8%)

High

$8.17 at 8:17 a.m.

Close

$4.98

The day before

On August 27, TNON traded between $4.61 and $5.50 and closed at $5.02. Volume that day was 102,897 shares. The float is 606,596 shares.

Pre-market: nothing, then everything at 8:15

For the first four hours the stock barely traded. The first trade at 4:00 a.m. was $5.11. It then moved between about $4.88 and $5.33 on tiny volume. The last trade before the news was $5.07 at 7:54 a.m.

At 8:15 a.m. Accesswire ran: “Tenon Medical Announces Pricing of $3M Private Placement Offering”. The 8:15 candle opened at $5.21 and closed at about $5.99 on 22,418 shares. The 8:16 candle ran to $6.65 on 112,414 shares.

Here's what happened. In the 8:17 minute it hit $8.17, the high so far, and closed the minute at $7.54. 290,513 shares traded in that one minute. That is 63% above the $5.02 previous close, and 2 minutes after the headline.

The top didn't hold. The 8:18 candle went from $8.06 down to $6.55. By 8:18 more shares had traded than exist in the whole float (606,596).

It tried once more. At 8:19 it pushed to $7.27, a lower high under $8.17. By 8:22 it was down to $5.94.

The slide into the open

From there it chopped between roughly $5.96 and $6.69 until 8:39, apart from a $7.05 high at 8:28. At 8:40 it dropped to $5.55, and at 8:43 it touched $5.25. In the middle of that slide, at 8:40:53, a single buy order for 10,034 shares swept from $5.76 to $5.85 across 10 price levels. It did not turn the move.

At 9:00 a.m. PRNewsWire ran: “WallachBeth Capital Announces Tenon Medical Pricing of $3M Private Placement Offering”. The stock was at $5.66 at the start of that minute. 3.29 million shares traded before the bell.

It opened at $5.46, up 9% from the previous close and 33% below the pre-market high.

The bid at $5.00

From 9:40 a.m. on, a bid wall sat at exactly $5.00. It peaked at 21,922 shares at 10:02, about 3.6% of the float. The stock stayed above it for almost three hours.

Two large sell orders went through the book above it. At 9:51:10 a sell order for 10,086 shares went through eight price levels, from $5.11 to $5.03, and stopped just above the bid. At 11:20:48 another sell order, for 16,171 shares, went from $5.28 to $5.20. A Benzinga story, “Tenon Medical Stock Climbs Friday: What's Going On?”, came out at 11:51.

Here's what happened. In the 12:35 minute the price fell through $5.00 to $4.86 on 21,764 shares. In the last second of that minute, 2,510 shares traded at exactly $5.00. At 12:36:00 the wall was pulled.

The day's low after the open was $4.77 at 12:38. It then sat between about $4.80 and $4.98 and was back at $5.00 at 1:01 p.m.

The rest of the day

From 1:01 p.m. it traded between about $5.00 and $5.27, dipping to $4.93 in the last regular minute, and ended the 3:59 p.m. minute at $4.98, 39% under the $8.17 high. That high came before the bell, at 8:17 a.m.

Regular-session volume was 652,448 shares. For the whole day, 3.98 million shares traded: the float changed hands about 6.6 times, at about 2.3 times its normal volume. Most of that came before the open.

What to take from it

• After the top, the next push stopped lower. $8.17 at 8:17 a.m., then $7.27 at 8:19.
• A round-number bid is a level, not a floor. The $5.00 bid sat for almost three hours, then the price went through it and the wall was pulled.
• A pre-market spike can be over before the open. Here the whole move happened in minutes, and the stock closed at $4.98, below the $5.02 previous close.