Damon Motors Provides Update on Business Combination with Grafiti Holding

• Grafiti’s confidential registration statement progressing through SEC review process
• Transaction expected to close in coming months, pending regulatory approvals
• Combined Company has filed an application to list on Nasdaq under ticker DMN,

VANCOUVER, BC – June 25, 2024 – (Motor Sports NewsWire) – Damon Motors Inc., makers of high-performance electric motorcycles that are safer, smarter, and cleaner with up to 200 mph, 200 hp, and 200 miles of range, today 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”). Upon the completion of the BCA, the combined company expects to list on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol DMN, subject to the approval of an initial listing application which has also been submitted to Nasdaq.

“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 (the “Registration Statement”) 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…