TNONTenon Medical, Inc. · Nasdaq Capital Market · $5.92M mkt cap
Assessed Oct 9, 2026 · Float drift
Is the float you're seeing correct?
2.64M
Estimated float

Oct 1, 2026 S-3 outstanding count minus split-adjusted officer, director and SiVantage common shares.

Confirmed · within 7%
2.46M
Reported float

Data-service feed, fetched today. The number TradingView and most screeners show.

Your screener's float is right for TNON. Trade off 2.64M shares. What it does not show you is what is about to be added to it.

Dilution risk5/10ELEVATED
CONFIDENCE: MEDIUM

The float your screener shows is right, at 2.64M. 1 floorless convertible note and 3 reverse splits can add another 57% of the float.

  • Warrant overhang (near-the-money, inducement-prone). Armistice holds 858,269 Series B warrants at $5.02, about 33% of float.

  • Rapid share count growth / serial financing. Split-adjusted shares rose from about 245,878 (Nov 2025) to 2,688,735, about 994% in 12 months.

  • Stockholder pre-approval of deep-discount issuance. Proposal 5 in the DEF 14A asked stockholders to pre-approve 20%-plus issuances below the Nasdaq Minimum Price: up to $50M, up to 80% discount, up to 250M common plus 250M warrant shares, valid to 202…

From today's float to the ceiling

shares
2.64M
Estimated float
tradeable today
+0 can sell now
2.64M
Effective supply
float plus what sells on notice
+1.56M if floors are cut and warrants exercise
4.20M
Fully diluted
ceiling

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
2.64M
Can sell now
Warrants in the money
None of the outstanding warrants are exercisable at this price.
+0
Effective supply
2.64M
Converts only if floors are cut
Preferred stock, as converted
Common equivalent at the stated conversion ratio.
+59.0K
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+1.41M
Options and RSUs
Employee equity; vests and settles over time.
+504
Other, per engine ceiling
Included in the engine's fully-diluted count but not itemised in the filings we parsed.
+92.3K
Fully diluted
4.20M

Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.

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The facts

Price
—
Market cap
$5.92M
Shares outstanding
2.69M
Reported float
2.46M
Avg volume
154.1K
Reverse splits
3 · latest 1-for-35 · Aug 10, 2026
Going concern
Yes · 0.6 quarters runway
Quarterly burn
$2.93M

Market data as of Oct 25, 2026

Key dates

  • Oct 23, 2026 · Proposal 5 deep-discount issuance pre-approval window expires