Despite everything, Damon Motorcycles is still around as of this writing. It still hasn't produced a motorcycle, lost both its CEO and co-founder, Jay Giraud, and CMO Amber Spencer, and late last year, saw the return of co-founder Dominque Kwong, who assumed the role of CEO after Giraud's departure. The brand also lost its CTO, Derek Dorestyen, too.
Dorrestyen was the man behind Alta before Harley, and Kwong, for his part, had previously left the company after a series of unannounced layoffs.
Likewise, after all the hoopla and executive shakeups, Damon stated that it was back and moving into the mobility space, as well as open to licensing its safety and electric powertrain technology to industry partners. It didn't yet have a buyer for said licensing, but it was open for business. Now the brand faces a new hurdle, as after going public last year, it's facing delisting from the Nasdaq as its shares have all but zeroed out in value.
Not great, folks.
The company's stock is currently trading at less than $0.01 per share, which is from a high of $4.95 when it launched in November. Because of that cratering, according to Investing.com, the company received a notice from Nasdaq that "cited [Nasdaq's] discretionary authority under Listing Rule 5101, expressing concerns over public interest following Damon Inc.’s recent securities issuance which resulted in substantial dilution of shareholder value."
Basically, Damon is at risk and will likely be removed from the market if shareholder value doesn't immediately rebound. And I say likely be removed as something significant would have to happen in order for its stock to rebound, but nothing like that is on the horizon.
According to the outlet, "In response to the notification, Damon Inc. has been granted a hearing with the Nasdaq Hearings Panel, scheduled for May 20, 2025, where the company will present its compliance plan. Meanwhile, trading of Damon Inc.’s shares has been halted as of Thursday, April 29, 2025, under Nasdaq’s Listing Rule 4120(a)(5), awaiting the Panel’s decision."
Again, the company hasn't delivered a single motorcycle. It still only has one running prototype. It's still supposedly collecting manufacturing partners to build components for the motorcycle. It had to switch its manufacturing facility from Vancouver to the United States. And its recent executive shakeup is the icing on the cake. For Damon's stock to rise, it'd have to show a real production-ready or production motorcycle, and I don't believe that'll happen given the above.
I could be proved wrong, however. But based on my research of the company, its past problems, its current issues, and the world we live in...
