U.S. stock futures rise after U.S.-Japan trade deal; Tesla, Alphabet earnings due
VANCOUVER - Damon Inc. (NASDAQ:DMN), a company specializing in electric motorcycles and personal mobility, has announced its decision not to appeal the Nasdaq delisting determination. With a current market capitalization of $11.88 million and trading at $0.01 per share, the firm’s shares will have a final day of trading on the Nasdaq on May 19, 2025, before moving to the OTC Pink Current Market on May 20, 2025, under the Securities Exchange Act rule 15c2-11(f)(1). InvestingPro data reveals the stock has experienced significant volatility, with a 52-week high of $4.95.
The OTC Pink Current Market, where Damon’s shares are set to trade, will be rebranded as the OTCID Basic Market starting July 1, 2025. This market is tailored for companies that meet basic information standards and provide management certification but do not adhere to the qualitative standards of the OTCQX Best Market and OTCQB Venture Market. According to InvestingPro analysis, the company’s shares have declined by nearly 99.7% over the past year, with particularly challenging liquidity metrics showing a current ratio of 0.09. Damon Inc. confirms that it exceeds the information standard requirements of the OTCID and is also pursuing eligibility to trade on the OTCQB Venture Market, although there is no guarantee of meeting the necessary criteria or receiving approval from OTC Markets Group staff.
Damon Inc. has positioned itself in the personal mobility sector by integrating AI safety systems, smart electrification, and user-driven design. The company aims to tap into the global electric two-wheeler market, which is projected to be worth $40 billion by 2030, according to a McKinsey Report on Micromobility from 2022.
This strategic transition to the OTC Pink Current Market follows Damon Inc.’s evaluation of its financial and operational strategies. InvestingPro’s Financial Health Score indicates a weak overall position at 1.07, with subscribers having access to 12 additional key insights about the company’s prospects. The company has provided forward-looking statements regarding its future development, which, like all forward-looking statements, are subject to risks and uncertainties that could cause actual results to differ from those projected.
The information in this article is based on a press release statement from Damon Inc. and does not include any promotional content or endorsements of the company’s claims. Damon’s move to the OTC Pink Current Market marks a new phase in its trading and operational journey, as it continues to focus on innovation and strategic collaborations within the personal mobility industry.
In other recent news, Damon Inc. is facing potential delisting from the Nasdaq due to concerns over shareholder dilution and a low share price. The Nasdaq Listing Qualifications Department has raised issues about the company’s recent securities issuance, which led to significant dilution of shareholder value. Additionally, Damon Inc. was notified that its common shares fell below the minimum bid price requirement, closing at $0.10 or less for ten consecutive trading days. The company is actively working on a compliance plan, including a possible transfer to the Nasdaq Capital Market and a reverse stock split.
In response to these challenges, Damon Inc. has also amended a secured promissory note with Streeterville Capital, LLC, allowing for conversion into common shares. This amendment sets the conversion price at 90% of the lowest daily volume-weighted average price, with a floor price of $0.20 per share. Furthermore, Damon Inc. has issued 1,255,230 common shares to a former financial adviser under a Securities Act exemption. The company is considering trading on the OTCQB market to ensure continued trading accessibility if delisted from Nasdaq. Damon Inc. has scheduled a hearing with the Nasdaq Hearings Panel to present its compliance plan.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.