Grafiti Holding (Renamed Damon Inc.) Completes Business Combination with Damon Motors

November 18, 2024

Grafiti Holding Inc., a former subsidiary of XTI Aerospace that was renamed Damon Inc., completed a business combination with Damon Motors, making Damon Motors a wholly‑owned subsidiary of the combined company. The combined company (Damon Inc.) was approved for a Direct Listing on the Nasdaq Global Market under ticker DMN, with a pro‑forma equity value of approximately $300 million; XTI Aerospace received Damon securities and completed a 1‑for‑50 distribution of Damon shares to its record date shareholders.

Buyers
Grafiti Holding Inc. (renamed Damon Inc.)
Targets
Damon Motors Inc.
Sellers
XTI Aerospace, Inc.
Industry
Automotive
Location
British Columbia, Canada
Transaction Type
Buyout

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