Recaps · September 11, 2026

TNON, September 11: six halts, a run to $10.84, and $5.92

• Small cap
• Momentum
• Gap, run and fade
• In the news
• Warrant inducement
• Halted six times
• Float traded 52x

Float

972,127 shares

Volume

51.95 million shares

Previous close

$5.30

Open

$8.13 (up 53.4%)

High

$10.84 at 10:52 a.m.

Halts

6 (10:38 a.m. and 10:47 a.m. and 10:55 a.m. and 1:22 p.m. and 1:32 p.m. and 1:46 p.m.)

Close

$5.92

The day before

On September 10, TNON opened at $3.36 and ran to $6.10. It gave some of it back and closed at $5.30. A Benzinga story at 9:50 a.m. that day was headlined “Tenon Medical Stock Surges Thursday: What's Driving the Action?”

After hours it was back up to $5.89.

Pre-market: the float traded by 4:24 a.m.

The first trades on the 11th were at $6.21, already above the $5.30 close. By 4:24 a.m., more shares had traded than exist in the whole float (972,127).

It then went quiet for a while. From $6.20 at 4:37 a.m. it ran to $7.63 at 5:37 a.m., up 23%. By 7:44 a.m. the volume was ten times the float.

At 7:35 a.m. one buy order for 85,021 shares went through 34 price levels, from $7.36 to $7.69. From $7.23 at 7:33 a.m. the stock ran to the pre-market high, $9.30 at 7:47 a.m. That minute traded 659,958 shares and closed at $8.38. 16.95 million shares traded before the bell.

At 8:53 a.m. a minute with 449,129 shares ran to $8.79 and dropped to $8.11. At 8:59 a.m. Benzinga ran: “Tenon Medical Stock Extends Multi-Day Rally: What's Happening?”

The open and the dip to $7.04

It opened at $8.13, up 53% from the previous close. The first minute traded 445,028 shares. It ran to $8.80 at 9:35 a.m., then began to slide. The 9:50 candle dropped to $7.32 on 415,167 shares, and at 9:57 a.m. it hit $7.04, down 20% from $8.80.

Level 2 shows a wall at $7.40. About 88,558 shares were offered there at the peak (10:03), 9.1% of the float. It first showed at 10:01 and was pulled at 10:03. At 10:10 one buy order for 74,868 shares went through 28 levels, from $7.40 to $7.67. From $7.42 at 10:10 a.m. the stock began to climb.

10:38 a.m.: the first halts

From 10:11 through 10:37 it traded between $7.57 and $8.33. At 10:38 it moved. A 236,942-share buy order went through 59 levels, from $8.34 to $8.92. A second one for 81,722 shares took it to $9.00. At 10:38:50 it was halted (a volatility pause).

It reopened at 10:43:50 with a print of 135,601 shares at $9.06. At 10:44 it cleared the pre-market high of $9.30, reaching $9.49. By 10:46 it was at $10.07, and at 10:47 it was halted again with the last trade at $10.07.

The reopen print was 102,186 shares at $10.19. In that minute it hit $10.84, the high so far, at 10:52 a.m. and closed the minute at $10.17. By 10:54 it was back at $8.99.

At 10:55:13 it was halted a third time, with the last trade at $8.99. It reopened at 11:00:13 at $9.00. Then it fell to $7.90 at 11:02 a.m., down 27% from $10.84.

A lower high at $10.17

It built back up. It hit $9.50 at 11:20 a.m. after a 64,844-share buy order went through 21 levels. Then at 11:54 a.m. it pushed to $10.17, a lower high under the $10.84 top. A 90,156-share buy order went through 27 levels there, from $9.91 to $10.17.

By 11:56 it had dropped to $9.07. That minute, an ask wall appeared at exactly $10.00. It peaked at 81,289 shares at 12:01 p.m., 8.4% of the float. The stock stayed between about $8.65 and $9.75 until 1:22 p.m.

1:22 p.m.: the wall at $8.03

A bid wall had sat at $7.12 since 12:30 p.m. It peaked at 81,000 shares at 1:01 p.m. and was pulled at 1:22:27.

At 1:22 p.m., an Accesswire headline: “Tenon Medical Announces Warrant Inducement for Aggregate Gross Proceeds of Approximately $2,872,338.” The same minute, two sell orders went through the book, 98,183 shares from $9.06 to $8.58 and 66,784 shares from $8.59 to $8.11. A wall of 243,815 shares, 25.1% of the float, showed at $8.03. At 1:22:28 it was halted with the last trade at $8.03. The wall was pulled at 1:23:19.

It reopened at 1:32:29 at $6.91, a print of 145,907 shares, well below where it stopped. 23 seconds later it was halted again, at 1:32:52. It reopened at 1:42:52 at $5.66, a print of 173,226 shares.

At 1:40 p.m., during that halt, an ask wall showed up at exactly $6.16. It peaked at 82,400 shares at 1:42 p.m., about 8.5% of the float.

At 1:45:43 trades began printing at $6.16. In under a second, 45,176 shares traded at exactly $6.16 and the wall was gone. It wasn't pulled. Buyers ate it.

By 1:46 it was at $6.48. At 1:46:53 it was halted for the sixth time. It reopened at 1:51:53 at $6.56. A bid wall at $6.48 had shown up at 1:46 and peaked at 79,801 shares. At 1:52 it was eaten: 23,409 shares traded at exactly $6.48 in about a third of a second.

The rest of the day

At 2:00 p.m., PRNewswire ran a second headline on the same warrant inducement. At 2:13 p.m. a Form 4 was filed. The stock kept sliding: $5.32 at 2:22 and the low of the day after the open, $5.23, at 2:27 p.m. It closed at $5.92, 45% below the $10.84 high and above the $5.30 previous close.

After hours it traded between $5.43 and $6.30, ending at $5.46 by 7:59 p.m.

The regular session traded 34.02 million shares, about 35 times the float. Counting pre-market too, 50.96 million shares traded by the close: the float changed hands about 52 times. Relative volume was about 10 times normal.

What to take from it

• A halt can reopen far from where it stopped. The 1:22 p.m. halt stopped at $8.03 and reopened at $6.91.
• Chasing a halt reopen costs more than the screen says. At 10:52:01 only 21 shares sat at $10.55 and a 5,000-share buy averaged $10.83.
• After the top, the next push stopped lower. $10.84 at 10:52 a.m., then $10.17 at 11:54 a.m.