Hindsight Markets Recaps Small-cap stocks on August 28, 2026
TNON, August 28: an 8:15 headline, $8.17, and the $5.00 bid
TNON spiked to $8.17 before the open after news, then gave much of it back in the session.
News via Stock News API
What happened
Draft for review. Not published.
The 8:15 headline
On this day a $3M private placement headline woke up a quiet stock at 8:15 a.m. TNON had closed at $5.02 the day before. The next minute it ran to $6.65 on 112K 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, tape and chart run from 8:14 a.m. and stop at 8:17 a.m. ET for your call.
That minute it hit $8.17, the day's high, on 291K shares. The top did not hold. A push at 8:19 stopped lower, at $7.27, and by 8:22 it was at $5.94.
Faded before the bell
The spike was over before the open. It opened at $5.46, 33% below the high.
The $5.00 bid
On this day a big bid at $5.00 sat under the price for almost three hours. It showed up at 9:40 and peaked near 22K shares.
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, tape and chart run from 12:32 p.m. and stop at 12:35 p.m. ET for your call.
That minute the price fell through $5.00 to $4.86. At 12:36:00 the wall was pulled. The low came at 12:38, $4.77. It closed at $4.98, under the prior close.
What to take from it: The $5.00 bid looked like a floor for three hours, then the price went through it and the bid was pulled.
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 details
How it traded, step by step
Pre-market spike. Before the open it spiked 62.7% from $5.02 to $8.17 at 8:17 a.m.. It opened up 8.8% at $5.46 and traded at $4.98 at 4:00 p.m.
| 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's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $5.02
- Open, 9:30 a.m.
- $5.46
- Gap at the open
- +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
- Close, 4 p.m.
- $4.98
- Change at 4 p.m.
- −0.8%
- After-hours high, 4 p.m. to 8 p.m.
- $5.12 at 4:57 p.m.
- Volume, 4 a.m. to 4 p.m.
- 3.95 million
- Volume after hours, 4 p.m. to 8 p.m.
- 31,525
- Relative volume by 8 p.m.
- 2.3×
- Float
- 606,596 shares, from filings as of August 28, 2026
- Shares outstanding
- 667,047
- 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.
On the day's lists: the intraday runners. It is here because it was in play on the intraday runners: up 30% or more on $3 million or more really traded, outside the small-cap rule's price, relative volume or float, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (none)
The exchange's halt feed shows no halts for TNON that day.
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
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.