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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