Damon Motors is hitting the Nasdaq

Damon Motors is Going Public!

Damon Motors, the electric motorcycle company based in Vancouver, Canada, announced today that the company has signed a definitive agreement to become a publicly traded company on the Nasdaq, under the ticker symbol "DMN". This step will allow the company to raise capital to deliver on their mission to "revolutionize the motorcycle industry, making two-wheel mobility cleaner, smarter, and safer."

The move is spurred by the merger of Damon Motors and Inpixon coming together in a strategic merger to form Grafiti Holding Inc. This new entity will combine Inpixon’s strengths in interior spacial data mapping, with the innovation of Damon Motors. In preparing for this merger, Inpixon’s financial experts have placed Damon Motors’ value between $224 million and $284 million, providing a clear financial perspective for the deal.

In this transition, shareholders of Damon Motors will be allotted Grafiti Shares. At the end of the process, they will hold a collective 81.25% of the outstanding Grafiti Shares, while the remaining 18.75% will be retained by Grafiti’s current shareholders.

Once the merger is successfully completed, the newly formed company aims to pursue a listing on the Nasdaq Capital Market. This step is contingent on the approval of their initial listing application.

Closing Conditions

Both boards of directors have unanimously approved the Business Combination, however there is still additional work to complete the closing and ring the bell on the NASDAQ.  This includes approval of the Business Combination by Damon securityholders, obtaining a final order of the Supreme Court of British Columbia in respect of the Plan of Arrangement for the Business Combination and approval of Nasdaq to list the shares of the combined company, in addition to other customary closing conditions. There can be no guarantee that the Business Combination will close or that Damon will realize the anticipated benefits of the Business Combination.

Meanwhile customers are still waiting for their orders

We've seen some sexy videos but product is yet to be shipped yet. It's hard to know how many bikes were pre-sold especially because regulatory approval hasn't happened yet but Damon says customers are waiting for their orders, so there must be some customers.

I was not a fan of the Lidar cameras and transforming frame for different riding styles I saw Damon pitch in Detroit years ago, I can only assume it's evolved since then. We can't wait to see what they'll do next.

While Damon Motors have not been able to progress towards production as fast as they would like, the company says it continues to make progress on the systems development. The company explains, due to considerable funding and related program delays, this and recent fundraising efforts should help to support this important transition to becoming a publicly traded company, which should help us access new funding sources necessary to fuel production.

Good luck to Damon, one of Canada's few independent EV motorcycle companies.

More at https://damon.com/