On October 23, 2023, Inpixon®, a company specializing in statistical analytics and visualization for engineering and sciences (SAVES), announced its UK subsidiary, Inpixon Ltd., would be acquired by Damon Motors Inc., a Canadian firm known for its HyperSport electric motorcycle. The deal, distinct from Inpixon's ongoing merger with XTI Aircraft, Inc., values Damon between $224 million and $284 million, with Inpixon contributing its UK subsidiary's stock to a new British Columbia entity, Grafiti Holding Inc., followed by a spinoff to Inpixon shareholders.

As part of the transaction, Grafiti will merge with Damon, with Grafiti shareholders, including Inpixon Securityholders and management, retaining about 18.75% of the combined company's stock. Inpixon also agreed to buy a convertible promissory note and warrants from Damon for $3 million. Post-merger, Inpixon UK and Damon will become Grafiti subsidiaries, with the combined company adopting a new name and aiming for Nasdaq listing.

The agreement, unanimously approved by both companies' boards, is subject to various conditions, including SEC registration, British Columbia Supreme Court approval, and Nasdaq listing approval. Inpixon will maintain its Industrial Internet of Things business and continue its merger with XTI Aircraft. Damon, founded in 2017, focuses on enhancing motorcycling safety and performance, with its electric motorcycles offering significant power and range.

Inpixon CEO Nadir Ali expressed enthusiasm for partnering with Damon, highlighting the opportunity to maximize shareholder value. The transaction involves lock-up restrictions for Grafiti shares, with a gradual release schedule post-merger.