On November 14, 2024, Damon Inc. (NASDAQ: DMN) announced the successful completion of its business combination with Grafiti Holding Inc. The integration with Grafiti Holding Inc., which was spun off to holders of record of XTI Aerospace, Inc., involved a rebranding of Grafiti Holding Inc. to Damon Inc. and saw Damon Motors Inc. become a fully owned subsidiary of Damon Inc. This strategic move has paved the way for Damon Inc.’s approval for a Direct Listing on the Nasdaq Global Market.
The common shares of Damon Inc. are anticipated to commence trading under the ticker symbol “DMN” on the Nasdaq Global Market on November 18, 2024. The merger consideration issued to holders of Damon Motors securities in the transaction has set the fully diluted pro-forma equity value of the combined company at approximately US$300 million, translating to a per share price of approximately US$12.00.
Leading the combined company as CEO, Jay Giraud will drive Damon Inc.’s strategic vision towards expanding its market presence. This move provides Damon Inc. access to capital markets, enabling them to accelerate their growth plans. Former Grafiti CEO, Nadir Ali, emphasized the significant growth potential resulting from the combination of Damon’s cutting-edge electric motorcycle technology and access to public capital markets.
Upon the spin-off of Grafiti to XTI Aerospace’s stockholders, Grafiti’s Form 10-12B registration statement was declared effective on November 12, 2024. Subsequently, the 1-for-50 share distribution of Grafiti shares to stockholders of XTI Aerospace was completed on November 13, 2024.
Damon Inc. was assisted by Norton Rose Fulbright US LLP and Norton Rose Fulbright Canada LLP in the Business Combination and Direct Listing process. Gowling WLG (Canada) LLP and Dorsey & Whitney LLP represented Damon Motors Inc. in connection with the Business Combination, with Maxim Group LLC acting as Damon Inc.’s exclusive financial advisor for the Nasdaq Direct Listing.
Amid this development, Damon Motors is focused on delivering high-performance motorcycles driven by the HyperDrive™ technology and equipped with cutting-edge safety features like CoPilot™ and Shift™. The company aims to set new standards for motorcycle safety and sustainability in the market.
Investors looking for additional insights on Damon Inc. are encouraged to refer to the company’s filings with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission for comprehensive information on its operations and associated risks and uncertainties.
Contact:
HaydenIR
James Carbonara
646.755.7412
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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Grafiti’s 8K filing here.
About Grafiti
Grafiti Holding is the holding company of Grafiti UK, which operates the Grafiti UK Business. Grafiti is a distributor in the UK and certain other European countries of data analytics and visualization software products referred to as “SAVES” primarily for scientists and engineers. Our products can be downloaded to a user’s desktop.
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