Damon Inc. Secures $16.5 Million for Future Growth Initiatives
Damon Inc. Secures $16.5 Million for Future Growth Initiatives
Transaction Strengthens Balance Sheet and Enables Execution of Multi-Vertical Revenue Strategy
Damon Inc. (NASDAQ: DMN), a company dedicated to transforming personal mobility with innovative technology, has celebrated a successful closing of its recently announced public offering. The company raised approximately $16.5 million through the issuance of 126,900,000 units, each priced at $0.13 per unit. This offering included one common share and a Series A warrant per unit, positioning Damon for significant growth in the personal mobility sector.
The company has also provided the underwriters with an option to purchase an additional 19,035,000 common shares and warrants to cover any over-allotments, ensuring robust operational flexibility moving forward. The financial backing from this transaction not only boosts the company's balance sheet but also funds Damon's plans to enhance its revenue streams through advanced technologies and data intelligence.
Dom Kwong, CEO of Damon Inc., expressed excitement about how this financing will accelerate the company's mission in the sustainable mobility space. "This pivotal funding allows us to advance our multi-vertical revenue strategy, focusing on proprietary safety systems and electrification technology," Kwong stated. The funds will enable Damon to pursue various avenues of revenue, leveraging partnerships and innovative solutions, thereby positioning the company for long-term value creation.
As part of the offering, Maxim Group LLC served as the sole book-runner. The underwriters capitalized on their overallotment option, further endorsing their confidence in Damon's growth potential. The funds from the offering will be critical in supporting Damon's strategy to harness AI in safety systems and intelligent energy solutions to meet the evolving demands of urban mobility.
The registration statement related to this offering was filed and approved by the U.S. Securities and Exchange Commission. Relevant documents can be found on their official website. It’s essential to note that the offering was conducted exclusively per the regulations set forth in the effective registration statement.
About Damon Inc.
Damon Inc. is at the forefront of the personal mobility industry, innovating electric motorcycles and mobility solutions designed with safety and efficiency in mind. The company aims to capture a substantial share of the $40 billion global electric two-wheeler market anticipated by 2030. Damon operates within a unique ecosystem that combines data intelligence, engineering services, and customer-centric design. Through its commitment to accessibility and safety via AI-driven technologies, Damon is not just creating products but ushering in a new era of sustainable transportation.
Frequently Asked Questions
What is the amount raised in Damon Inc.'s public offering?
Damon Inc. raised approximately $16.5 million through its public offering.
How many units were offered in the public offering?
A total of 126,900,000 units were offered at a public offering price of $0.13 each.
What is the primary purpose of the funds from the offering?
The funds will support Damon's growth by focusing on developing proprietary technologies and expanding revenue channels.
Who was involved in facilitating the public offering?
Maxim Group LLC acted as the sole book-runner for the public offering.
What markets does Damon Inc. aim to capture?
Damon Inc. aims to capture a significant portion of the $40 billion global electric two-wheeler market by 2030.
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