Damon Motors Inc. Completes Business Combination with Grafiti Holding Inc.

Combined Company Approved for Direct Listing on Nasdaq Global Market

High tech motorcycle pioneer expected to make Nasdaq debut on November 18, 2024

SAN RAFAEL, CA – November 14, 2024 – (Motor Sports NewsWire) – Damon Motors Inc. (“Damon Motors”),  maker of high-tech, high-performance motorcycles that are safer, smarter, and cleaner and deliver up to 200 hp., 200 mph, and 200 miles of range, today announced the completion of its business combination (the “Business Combination”) with Grafiti Holding Inc. (“Grafiti”), a former subsidiary of XTI Aerospace, Inc. (formerly Inpixon, “XTI Aerospace”) that was spun off to holders of record of XTI Aerospace as of December 27, 2023. In connection with the Business Combination, Grafiti has been renamed Damon Inc., Damon Motors has become a wholly-owned subsidiary of Damon Inc., and Damon Inc. has been approved for Direct Listing on the Nasdaq Global Market.  The common shares of Damon Inc. are expected to begin trading under the ticker symbol “DMN” on the Nasdaq Global Market on November 18, 2024, with CUSIP number 235750106. Based upon the merger consideration issued to holders of Damon Motors securities in the transaction and the understanding of the parties, the fully diluted pro-forma equity value of the combined company is approximately US$300 million, resulting in a per share price of approximately US$12.00.

“This milestone represents a transformative moment for the future of motorcycling,” said Jay Giraud, CEO of Damon Inc.. “For years, the motorcycle community has been eager to support Damon Motors as a public company, and now with this Nasdaq listing, people will finally have that opportunity. With our innovative HyperDrive™ technology and groundbreaking safety features like CoPilot™ and Shift™, we are well positioned to revolutionize two-wheeled transportation. I’m thrilled that riders can finally become shareholders and help drive our success as we enter this exciting new chapter.”

Jay Giraud will continue to serve as Chief Executive Officer of the combined company, leading the execution of Damon’s strategic vision to deliver high-performance electric motorcycles that are safer, smarter, and cleaner.

The transaction provides the combined company with access to public capital markets to accelerate its expansion plans.

“Today marks the beginning of an exciting new chapter for Damon as we enter the public markets,” said Nadir Ali, former CEO of…