Damon Motors Says It’s Still Aiming For The Nasdaq

Let’s check in with Damon Motors. We expected to see motorcycles coming off the production line by now, but the company’s latest press release doesn’t give us any hint as to when that might happen. Instead, the release tells us that Damon is working hard to get itself on the Nasdaq stock exchange.

Here’s how they opened the PR: “Damon Motors Inc., makers of high-performance electric motorcycles … provided an update on the previously announced proposed business combination (the “Business Combination” or “BCA”) with Grafiti Holding Inc. (“Grafiti”), a former subsidiary of XTI Aerospace, Inc. (formerly Inpixon, “XTI Aerospace”). The transaction is currently expected to close in the coming months, subject to obtaining the necessary regulatory approvals and satisfaction of other closing conditions described below and in its filings with the Securities and Exchange Commission (“SEC”).”

Jay Giraud, the CEO of Damon, said that the motorcycle community has been asking for Damon to hit the stock exchange “for years,”  so that they can help it succeed. However, neither Giraud nor Nadir Ali, CEO of Grafiti (their partners in this endeavour to hit the Nasdaq) gave any timeline for production to start in the California manufacturing facility that was supposed to be built when plans for their shop in Surrey, B.C., were shut down.

Damon did announce deals to source components earlier this year, but since then, we’ve heard nothing about plans for production—although their last update that we saw had them planning to build bikes by 2024.

The slow progress should probably surprise nobody, though. Damon’s plans for production of a shape-shifting electric superbike were bolt, but since their CES launch in early 2020, the motorcycle world and the world in general has changed a lot, and continues to change. While enthusiasm was high for their concept bikes, starting company like this from scratch is very, very hard. Damon has a lot more to figure out before they’re a success, delivering machines to the many customers who’ve put money down. This doesn’t mean they’re going to fail—but good ideas and clever designs aren’t the only things needed in the world of moto-economics.