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[NEW2elec]

Dom, who basically invented the SHIFT technology and the Copilot safety system, will take over as interim CEO.  Shashi Tripathi will be the new Chairman.

For what it's worth Dom and former Alta Motorcycles co-founder Derek Dorresteyn were the two big reasons I felt Damon could succeed.  They both want to really make an awesome electric motorcycle.

Good luck to both.

[EsseEsse]

The press release: https://ir.damon.com/2024-12-05-Damon-Strengthens-Operational-Focus-with-Leadership-Appointments-Dominique-Kwong-Named-Interim-CEO,-Shashi-Tripathi-as-Chairman

Giraud also doesn't appear on the company's Board of Directors page: https://ir.damon.com/board-of-directors One wonders what role he still has and what's going on.

Damon appears not to have filed an 8-K with the SEC regarding these changes. Legally, they have up to four days but it's pretty standard to put out the 8-K at the same time as the press release.

[ultrarnr]

The news didn't help their stock price as it fell 11.36% to 0.9130.

[Motoproponent]

I think there are some that think Jay is getting out while the getting is good, that may have shook their market a bit.

I hope it means a new direction for the company. Maybe having Jay (and Amber) no longer occupying the social media footprint doing everything but making motorcycles will instill some investor confidence.

The stock was above a dollar a few days ago. I think, if I understand correctly, that resets the 30 day clock that gets DMN delisted if they trade below $1 for more than a month.

[JaimeC]

I still remember when Damon first hit the scene with their intentions. Considering the state of technology then (and even NOW), I couldn't picture them coming up with a product that would sell for less than seven figures. They were promising things that no one else was doing in the two-wheeled world and very few were doing in the four-wheeled world.  SOME of those "announcements" are becoming more commonplace in automobiles but just because something works in the relatively unlimited space of a car body, doesn't mean it can be affordably miniaturized to work in a motorcycle. "If something sounds too good to be true, it usually is."

[ultrarnr]

If you look on morningstar.com and look up Damon you find that the industry Damon has been categorized into is the automotive industry. So Damon stock is being compared to GM, Ford, Toyota, Tesla and others. A fair value isn't even listed and Uncertainty is considered very high. So if someone is thinking about investing in the automotive industry it is pretty unlikely they would ever invest in Damon. Today's closing was at $0.88. 

[NEW2elec]

Yeah Jay isn't even listed in the team page anymore.

[EsseEsse]

Damon appears not to have filed an 8-K with the SEC regarding these changes. Legally, they have up to four days but it's pretty standard to put out the 8-K at the same time as the press release.

Still no 8-K, but Giraud filed an ownership declaration reflecting his multi-voting shares becoming regular common shares as a result of what the form called his "resignation from all officer and director positions".  It's unclear to me whether those shares are covered by the omnibus lock-up agreement that applies to other shareholders.

[FrankF87]

Damon received a non-compliance notice from NASDAQ on January 7th. They have 180 days until delisting if not compliant. Go to the SEC website and search their ticker DMN to read the 8-K notice from January 10. Also, Damon CTO Derek Dorresteyn is out - no press release yet but he has been deleted from the Damon website as of today.

[Specter]

So... take what money they get, delist and then dissolve?  This could get interesting.

Have they made any profits the past years?  I was under the impression that a business, needs 3 out of 5 years to show profit or else the IRS gets real pissy about calling it a business .vs. hobby and a lot of your deductions... become. you owe us back pay now.

Yah I know hard to make profit when you are not selling bikes, but how are they finagling this?
speaking of, Apollo ever get good with them or what?

Aaron

[ultrarnr]

But Damon could get delisted before that. Damon hasn't closed above $1.00 since 4 December and if it doesn't closed above $1.00 by next Tuesday can be delisted.

[Specter]

Watch, some mystery buyer comes out of nowhere and buys a whole lot of it to push the price Juuuuust above a buck to save it.
Now might be a good time to short it heh.

I wonder if they do declare bankruptcy, how much they estimate the company is really worth, equipment wise etc etc.
At this point, bankruptcy might be the only route left for them to save the company, I can't see them honestly being in the black after all these years and no sales, but even then is it worth saving at this point?

Let's see im looking to invest in an E bike Co.  I have this one who's been making AND selling bikes for years, and I have that one who's been... who's... well the video looked awesome.  Then when you look at 'that' entire picture, someone who would snag em up, you have to question the motives, is this just a pawn to scam the green new deal buxxx and bleed dry like Ideanomics did to F over Energica or is it going to be a legit investor who wants to actually see the company succeed.

The entire motorcycle industry is kind of stagnant right now, not just E bikes, (stagnant is putting it nicely)  and while much of that is the economy, one still have to ask, can they survive another year or two as is, waiting for things to hopefully turn around?

Wishing them the best of luck, hate to see ANY E bike go down but the timing for them, couldn't be much worse than right now.

Aaron

[ultrarnr]

So Damon closed at $0.64 yesterday making it the 30th trading day in a row trading below $1.00. https://stockanalysis.com/stocks/dmn/history/

So it is now eligible to be delisted but have no idea if this is automatic. https://www.investopedia.com/ask/answers/09/stock-delist.asp

Once It dropped below $1.00 on November 26 there was only one day, December 4th that it ever closed above $1.00, closing at $1.03. December 20th saw the lowest level the stock has reached closing at only $0.55.

[NEW2elec]

I think there is a 180 day notice to get it over $1.  They can always do a reverse split like Ideanomics and others have done.  IDEX did a 125 to 1 split which meant for every 125 shares someone owned they then had 1.
This of course is usually the death march.

As for Damon, well losing Derek means that at best they will be going in some new direction.  Maybe sell their IP or get merged with some EV company in China.  Jay did spend way too much money on things that weren't needed at the time in my opinion like a very very nice HQ office space in VC.  Covid was likely too much for any effort to be successful with all of Canada in lock down for years when they needed development and testing to happen.

Still they aren't dead yet.  I hope something can be done and some company makes some form of the Hypersport as the test bike looked good on the track.

[FrankF87]

Damon received written Notice of Non-Compliance from NASDAQ on January 7 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.

https://www.sec.gov/Archives/edgar/data/2000640/000121390025002720/ea0227426-8k_damon.htm

On SEC website -
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.

On January 7, 2025, Damon Inc. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the 30 consecutive business days from November 18, 2024 to January 6, 2025, the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”). An indicator will be displayed with quotation information related to the Company’s securities on NASDAQ.com and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company’s securities on The Nasdaq Global Market at this time.

In accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the “Compliance Period Rule”), the Company has a period of 180 calendar days from the date of the Notice, or until July 7, 2025 (the “Compliance Date”), to regain compliance with the MVLS Requirement. During this period, the Company’s securities will continue to trade on The Nasdaq Global Market. If at any time before the Compliance Date the Company’s MVLS closes at or above $50 million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the MVLS Requirement and will close the matter.

If the Company does not regain compliance with the MVLS Requirement by the Compliance Date, the Staff will provide a written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel (the “Panel”). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful.

The Company intends to monitor its MVLS between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve the deficiency under the MVLS Requirement and regain compliance with the MVLS Requirement. Additionally, the Company may consider applying to transfer the listing of its securities to The Nasdaq Capital Market (provided that it then satisfies the requirements for continued listing on that market). However, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing criteria.