Tenon Medical (TNON) said Wednesday it has closed a public offering of shares and warrants, raising gross proceeds of $4.2 million.

The offering consisted of about 11.1 million shares and warrants to purchase up to about 13.3 million shares at a public offering price of $0.38 per share and accompanying warrant, the company said.

Net proceeds from the offering will be used for partial repayment of outstanding convertible notes, commercial expansion of its product portfolio, marketing activities, working capital and general corporate purposes, the company said.

Tenon Medical shares were down 7.7% in Wednesday trading.

Price: 0.31, Change: -0.02, Percent Change: -5.85