On November 14, 2024, Damon Motors Inc., a manufacturer of high-performance electric motorcycles, completed a business combination with Grafiti Holding Inc., a former subsidiary of XTI Aerospace, Inc. This merger resulted in the formation of Damon Inc., with a fully diluted pro-forma equity value of approximately $300 million USD (around $417 million CAD). The company's shares were scheduled to begin trading on the Nasdaq Global Market under the ticker symbol "DMN" on November 18, 2024.

Jay Giraud continued as CEO, leading the company's mission to revolutionize motorcycling with innovative technologies like HyperDrive™, CoPilot™, and Shift™. The merger provided Damon Inc. with access to public capital markets, facilitating accelerated growth and expansion plans.

Legal advisors for Damon Inc. (formerly, Grafiti Holding Inc.) included Norton Rose Fulbright US LLP and Norton Rose Fulbright Canada LLP, while Damon Motors was represented by Gowling WLG (Canada) LLP and Dorsey & Whitney LLP. Maxim Group LLC served as the exclusive financial advisor to Damon Inc. for the Nasdaq listing.

Additionally, Grafiti was spun off to XTI Aerospace stockholders via a 1-for-50 share distribution, effective November 13, 2024, following SEC approval. This strategic merger marked a significant milestone in advancing cleaner, safer, and smarter electric motorcycles.