Significant Milestone: Damon Motors is Going Public
We are pleased to announce a transformative development in our journey. We have signed a definitive agreement to become a publicly traded company on the Nasdaq, under the ticker symbol “DMN”. This pivotal step accelerates our mission to revolutionize the motorcycle industry, making two-wheel mobility cleaner, smarter, and safer.
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.
Progress on Product Development
While we have not been able to progress towards production as fast as we would like, we have nonetheless continued to make notable progress on the systems development, on testing and parts count reduction / simplification.
Orders Fulfillment & Customer Commitment
We understand the eagerness of our customers who are waiting for their orders. While recent economic challenges have led to considerable funding and related program delays, our 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.
We believe this is a pivotal moment not only for Damon Motors but also for the motorcycle industry at large. We’re on a new and exciting trajectory, and we want to thank you for being a part of our journey.
Here’s to transforming urban mobility, one electric motorcycle at a time.
