Damon Inc. (NASDAQ:DMN), a company specializing in computer programming services with a current market capitalization of $18.28 million, disclosed significant corporate changes in a recent SEC filing.
On December 4, 2024, Damon Jay Giraud, the former President, CEO, and Executive Chairman, resigned from all his roles within the company and its subsidiaries. Concurrently, the company converted all multiple voting shares held by Mr. Giraud into common shares on a one-for-one basis, in line with the Founder Agreement terms.
This conversion resulted in an increase in the number of outstanding common shares to 20,767,610 and the elimination of multiple voting shares. According to InvestingPro data, the stock has experienced significant volatility, with shares down 62.2% over the past six months.
Following Mr. Giraud's departure, Damon Inc.'s board appointed Dominique Kwong as the interim CEO and board member. Shashi Tripathi, already serving as an independent director, has been named Chairperson of the Board. Mr. Kwong, with a rich background in electric motorcycle development and executive leadership, previously served as Chief Technology Officer and Chief Operating Officer at Damon Motors Inc.
His recent consultancy role at Alpinestars added to his expertise in electronics for motorcycle safety equipment. With the stock currently trading at $0.97, significantly below its 52-week high of $4.95, InvestingPro subscribers can access additional analysis and 7 more key insights about the company's financial health and market position.
The interim CEO's employment agreement with Damon Motors Inc. outlines a six-month term, extendable by mutual consent, and includes an annualized salary of CAD $265,000, along with standard senior executive benefits. The company retains the right to terminate the agreement with or without cause, subject to specific notice requirements.
Mr. Kwong is also bound by customary confidentiality, non-solicitation, and non-competition clauses post-employment. Damon Inc. plans to enter into a standard indemnification agreement with Mr. Kwong.
This news comes as Damon Inc. continues to navigate the competitive landscape of computer programming services. Investors and industry observers are closely watching these developments as the company transitions its executive leadership.
The information provided is based on a press release statement from Damon Inc., as filed with the Securities and Exchange Commission.
In other recent news, Damon Inc., a producer of high-tech electric motorcycles, has made significant strides in its production roadmap and leadership structure.
The company recently announced the appointment of co-founder Dominique Kwong as interim CEO and Shashi Tripathi as Chairman of the board of directors. This move is part of a strategy to enhance production capabilities and operational efficiency.
In the realm of production, Damon Inc. has accumulated over 3,000 refundable reservations for its electric motorcycles, potentially generating around $100 million in revenue. The company's technology, including 16 issued patents and 22 pending applications, mainly for its HyperDrive powertrain and CoPilot safety system, is nearing completion. The roadmap is set to finalize key systems by 2025 and kick-off production and commercialization in 2026.
The company's recent merger with Grafiti Holdings and subsequent Nasdaq listing have been strategic steps to secure the necessary capital for production. Despite financial challenges, Damon Inc. has managed to sustain operations through cost-cutting measures and investor support.
The company's partnerships with industry leaders such as Fukuta Motors and NXP (NASDAQ:NXPI) Semiconductor have positioned it as a promising player in the electric vehicle sector. These are the recent developments in Damon Inc.'s journey towards the production of advanced electric motorcycles.
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