Tenon Medical Inc TNON shares are trading higher Wednesday after the company announced it's seeking withdrawal of its registration statement because it no longer wishes to conduct a public offering.
What Happened: On Feb. 8 Tenon Medical filed a Form S1 with the SEC in which it disclosed that it intended to do a public offering.
According to a new regulatory filing, Tenon is requesting that the SEC withdraw its filing because "it no longer wishes to conduct a public offering of its securities at this time."
The stock was halted multiple times following the announcement and are now surging on abnormally-high volume. Tenon Medical's average session volume over a 100-day period is 38,275, according to Benzinga Pro. Wednesday's session volume has already exceeded 23.5 million at the time of writing.
Tenon Medical is a medical device company known for having developed the Catamaran SI Joint Fusion System that offers a less invasive approach to the SI joint using a single, robust titanium implant.
See Also: Why TransCode Therapeutics Shares Are Trading Higher Today
TNON Price Action: Tenon has a 52-week high of $59.89 and a 52-week low of 95 cents.
The stock was up 118.4% at $2.16 at the time of publication, according to Benzinga Pro.
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