Hindsight Markets Small-cap stocks on August 28, 2026
TNON on August 28, 2026: why it ran
On August 28, 2026, TNON opened up 8.8% from the previous close of 5.02 and reached 8.17 at 8:17 a.m. ET. The exchange did not halt it.
- Previous close
- 5.02
- Open, 9:30 a.m.
- 5.46
- Gap at the open
- up 8.8%
- Pre-market high
- 8.17 at 8:17 a.m.
- High, 4 a.m. to 4 p.m.
- 8.17 at 8:17 a.m.
- Low, 4 a.m. to 4 p.m.
- 4.77
- After-hours high, 4 p.m. to 8 p.m.
- 5.12 at 4:57 p.m.
- Last trade before 4:00 p.m.
- 4.98
- Volume
- 3.98 million
- Relative volume
- 2.3x
- Float
- 606,596 shares, from filings as of August 28, 2026
- Shares outstanding
- 667,047
- Halts
- none in the halt feed
Replay TNON's day
It starts at 8:11 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:14 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Main move: pre-market
- Catalyst: news (private placement)
- Float traded 6.6x
- Round-number bid
- Spike and fade
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.
Stop It's 8:17. TNON is at $5.79. A private placement headline came out two minutes ago, and the stock has already traded as high as $6.65. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 8:17 a.m. ET for your call, then show what happened. The clip starts at 8:14 a.m. ET.
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.
Stop It's 12:35. TNON is at $5.25. A large bid has sat at exactly $5.00 since 9:40, and the stock hasn't traded down to it since. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 12:35 p.m. ET for your call, then show what happened. The clip starts at 12:32 p.m. ET.
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.
Why it ran
News and SEC filings for TNON published between the previous session's close and the first minute TNON traded 20% above it, at 8:15 a.m. ET, newest first, from the same feeds the replay shows.
-
Tenon Medical Announces Pricing of $3M Private Placement Offering
News via Stock News API
How it traded
| Time (ET) | What happened | Watch it |
|---|---|---|
| 8:15 a.m. | News (Accesswire): Tenon Medical Announces Pricing of $3M Private Placement Offering | |
| 8:15 a.m. | First trade 20% above the previous close of 5.02 | |
| 8:17 a.m. | Pre-market high, 8.17 | |
| 8:17 a.m. | High of the day to the close, 8.17 | |
| 8:18 a.m. | Volume since 4:00 a.m. passes the whole float, 606,596 shares | |
| 9:30 a.m. | The open: 5.46, up 8.8% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 4.98, 39.0% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest news item before it (Accesswire, 8:15 a.m.).
- Volume, from the one-minute bars: 3.29 million shares before the 9:30 a.m. open (83%), 178,748 in the first 30 minutes (4%), and 505,225 in the rest of the day to 8 p.m. (13%).
- Float rotation, the volume since 4 a.m. against the float of 606,596 shares: past it once at 8:18 a.m., twice at 8:21 a.m., three times at 8:28 a.m.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 30, 2026.
Halts
The exchange's halt feed shows no halts for TNON that day.
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay TNON on August 28, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.