Damon Motors Inc. provides update on business combination
by CM Staff
As part of this process, the registration statement that was confidentially submitted by Grafiti to the SEC is progressing through the SEC review process.
VANCOUVER — Damon Motors Inc., manufacturers of electric motorcycles, provided an update on the previously announced proposed business combination with Grafiti Holding Inc., a former subsidiary of XTI Aerospace, Inc. 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.
“For years now the motorcycle community has been asking about when Damon will become a publicly traded company, so they can help drive its success.” Said Jay Giraud, CEO of Damon. “I’m thrilled that we’ll soon be able to make it a reality.”
As part of this process, the registration statement that was confidentially submitted by Grafiti to the SEC is progressing through the SEC review process. The BCA is also subject to certain conditions, including approval of the BCA by Damon securityholders, approval by the Supreme Court of British Columbia of a plan of arrangement of Damon in respect of the Business Combination, and the issuance of a receipt from the British Columbia Securities Commission in respect of a non-offering prospectus of Grafiti, among other conditions contained in the previously reported business combination agreement between Grafiti and Damon.
“We are looking forward to the moment when we can light up the ticker DMN for both Grafiti’s shareholders and the general public at large.” Said Nadir Ali, CEO of Grafiti. “This is an exciting time that’s a year in the making.”
Subject to certain exclusions described in the BCA, the shares issued to Damon securityholders in connection with the BCA will be subject to lock-up restrictions for 180 days after the closing of the BCA, with the following release schedule: 20% at the closing, 40% at 90 days following the closing, 40% at 180 days following the closing, subject to accelerated release from lock-up restrictions if, following closing, the public share price of the combined company reaches a certain threshold. The outside date under the BCA has been extended to September 30, 2024.
