Xtant Medical Announces Record Date and Other Key Dates for Proposed $15 Million Rights Offering BELGRADE, MT

Medical Announces Record Date and Other Key Dates for

$15 Million Rights Offering

MT, October 22, 2020 - Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on

surgical solutions for the treatment of spinal disorders, today announced that it has set November 5, 2020 as the record date

for its previously-announced proposed rights offering of up to $15 million of shares of its common stock and the expected subscription

to the registration statement relating to the rights offering becoming effective on or about November 3, 2020, the Company intends

to commence the offering on November 5, 2020. At the commencement of the rights offering, each holder of common stock will receive

0.194539 non-transferable subscription rights for each share of common stock held on the record date. Each whole subscription

right will entitle the holder to purchase one share of the Company's common stock for $1.07 in cash. No fractional shares

will be issued in the rights offering. Any fractional shares of common stock created by the exercise of rights will be rounded

down to the nearest whole share. In addition, holders as of the record date will have an over-subscription privilege, pursuant

to which they may be able to purchase additional shares at the subscription price, to the extent that not all subscription rights

are exercised, subject to certain limitations.

Company expects that subscription materials will be mailed on or about November 6, 2020 to holders of the Company's common

stock as of the record date, and that the rights offering will close as soon as practicable after the anticipated December 4,

2020 expiration date. The Company may extend the rights offering for additional periods of time in its sole discretion.

expected calendar for the rights offering, unless extended or modified by the Company, is as follows:

registration statement on Form S-1 relating to the rights offering has been filed with the Securities and Exchange Commission,

but has not yet become effective. The shares of common stock issuable in the rights offering may not be sold nor may offers to

buy such common stock be accepted prior to the time the registration statement becomes effective. The rights offering will be

made only by means of a prospectus that meets the requirements of the Securities Act of 1933, as amended. For additional information

on the rights offering, please see the prospectus included in the registration statement on Form S-1 and related amendments.

press release does not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock issuable

in the rights offering, nor will there be any sale of such common stock in any state or other jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Xtant Medical Holdings, Inc.

Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization

of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity

and degenerative procedures. Xtant's people are dedicated and talented, operating with the highest integrity to serve our

symbols and denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered

as indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are

the property of their respective owners.

Statement Regarding Forward-Looking Statements

press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions,

or that include words such as "expects," "intends," "plans," "anticipates," "believes,"

"future," "will," "may," "continue," similar expressions or the negative thereof,

and the use of future dates. Forward-looking statements in this release include the Company's expectations regarding the

timing and terms of the rights offering. The Company cautions that its forward-looking statements by their nature involve risks

and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others:

risks and uncertainties surrounding the timing and success of the rights offering including the Company's ability to cause

its registration statement on Form S-1 to become effective in the expected timeframe; the effect of the COVID-19 pandemic on the

Company's business, operating results and financial condition; the Company's future operating results and financial

performance; the ability to increase or maintain revenue; the ability to remain competitive; the ability to innovate and develop

new products; the ability to engage and retain qualified personnel; government and third-party coverage and reimbursement for

Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of

product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects;

the ability to obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights

of others; the ability to service Company debt, comply with its debt covenants and access additional indebtedness; the ability

to obtain additional financing and other factors. Additional risk factors are contained in the Company's Annual Report on

Form 10-K for the year ended December 31, 2019, as supplemented by subsequent disclosures in the Company's Quarterly Report

on Form 10-Q for the quarterly period ended June 30, 2020 and in future Quarterly Reports on Form 10-Q and Current Reports on

Form 8-K. Investors are encouraged to read the Company's filings with the SEC, available at www.sec.gov, for a discussion

of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking

statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except

as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified

in their entirety by this cautionary statement.