Hindsight Markets Small-cap stocks on September 11, 2026
TNON on September 11, 2026: why it ran
On September 11, 2026, TNON opened up 53.4% from the previous close of 5.30 and reached 10.84 at 10:52 a.m. ET. The exchange halted it 6 times.
- Previous close
- 5.30
- Open, 9:30 a.m.
- 8.13
- Gap at the open
- up 53.4%
- Pre-market high
- 9.30 at 7:47 a.m.
- High, 4 a.m. to 4 p.m.
- 10.84 at 10:52 a.m.
- Low, 4 a.m. to 4 p.m.
- 5.23
- After-hours high, 4 p.m. to 8 p.m.
- 6.30 at 4:03 p.m.
- Last trade before 4:00 p.m.
- 5.92
- Volume
- 51.95 million
- Relative volume
- 10.3x
- Float
- 972,127 shares, from filings as of September 11, 2026
- Shares outstanding
- 1.03 million
Replay TNON's day
It starts at 10:28 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:31 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
- Gap, run and fade
- In the news
- Warrant inducement
- Halted six times
- Float traded 52x
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.
Stop It's 10:52. TNON last traded at $10.07, five minutes ago, and is about to reopen from its second halt. That is up 90% from the previous close. Would you chase the reopen?
Press play: the real Level 2, time and sales and chart stop at 10:52 a.m. ET for your call, then show what happened. The clip starts at 10:49 a.m. ET.
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.
Stop It's 1:45. TNON is at $5.75, back from its fifth halt of the day. Above the price, an ask wall that peaked at 82,400 shares sits at $6.16. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 1:45 p.m. ET for your call, then show what happened. The clip starts at 1:42 p.m. ET.
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.
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 4:00 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Gap, run and fade. It gapped up 53.4% to 8.13 at the open, ran from the open to the high of 10.84 in 82 minutes through two halts, then gave back 182% of that move by 4:00 p.m., trading at 5.92.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of 5.30 | |
| 4:24 a.m. | Volume since 4:00 a.m. passes the whole float, 972,127 shares | |
| 7:47 a.m. | Pre-market high, 9.30 | |
| 9:30 a.m. | The open: 8.13, up 53.4% from the previous close | |
| 10:38 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:43 a.m. | |
| 10:47 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:52 a.m. | |
| 10:52 a.m. | High of the day to the close, 10.84 | |
| 10:55 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 11:00 a.m. | |
| 1:22 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 1:32 p.m. | |
| 1:32 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 1:42 p.m. | |
| 1:46 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 1:51 p.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 5.92, 45.4% 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
- Volume, from the one-minute bars: 16.95 million shares before the 9:30 a.m. open (33%), 4.82 million in the first 30 minutes (9%), and 30.18 million in the rest of the day to 8 p.m. (58%).
- Float rotation, the volume since 4 a.m. against the float of 972,127 shares: past it once at 4:24 a.m., twice at 5:25 a.m., three times at 5:39 a.m.
- The halt at 10:38 a.m.: up 11.4% in the 5 minutes into it, reopened at 9.06, unchanged from the last trade before it, then up 11.1% over the next 5 minutes.
- The halt at 10:47 a.m.: up 11.1% in the 5 minutes into it, reopened at 10.19, up 1.2% from the last trade before it, then down 11.8% over the next 5 minutes.
- The halt at 10:55 a.m.: down 10.7% in the 5 minutes into it, reopened at 9.00, up 0.1% from the last trade before it, then down 6.6% over the next 5 minutes.
- The halt at 1:22 p.m.: down 11.3% in the 5 minutes into it, reopened at 6.91, down 13.9% from the last trade before it.
- The halt at 1:32 p.m.: down 22.5% in the 5 minutes into it, reopened at 5.66, down 9.0% from the last trade before it, then up 14.5% over the next 5 minutes.
- The halt at 1:46 p.m.: up 4.2% in the 5 minutes into it, reopened at 6.56, up 1.2% from the last trade before it, then down 9.1% over the next 5 minutes.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 30, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 10:38 a.m. | 10:43 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:47 a.m. | 10:52 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:55 a.m. | 11:00 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 1:22 p.m. | 1:32 p.m. | 10 min 1 s | LULD pause (limit up-limit down) |
| 1:32 p.m. | 1:42 p.m. | 10 min 0 s | LULD pause (limit up-limit down) |
| 1:46 p.m. | 1:51 p.m. | 5 min 0 s | LULD pause (limit up-limit down) |
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 September 11, 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.