Damon's Electric Dreams Turn to Nasdaq Nightmare
Image Credit: Damon.
We've got ourselves a proper head-scratcher here - Damon Motorcycles seems to have hit a bit of a snag. Actually, "snag" is putting it mildly. It's more like they've driven their shiny electric dreams straight into a brick wall painted with the words "delisting from Nasdaq." Oops.
This obvious failure is a special kind of spectacular. Going public is supposed to be the big leagues, the champagne showers, the bit where your company soars like a majestic bald eagle. For Damon, it seems they strapped on a pair of novelty wings and promptly face-planted into the financial tarmac.
Image Credit: Damon.
The share price, last I checked, was hovering around the same value as that loose change rattling around in your pocket – less than a single cent! That's a far cry from the giddy heights of $4.95 a share back in November. It appears the good folks at Nasdaq have noticed this rather dramatic nosedive and have politely suggested that Damon might not be quite the public interest darling they were hoping for. A hearing is scheduled for May 20th, 2025, after Damon's shares were suspended last week. Mark your calendars - it could be more entertaining than watching a politician try to ride a unicycle.
And the irony of it all? They haven't actually built anything! Not a single, solitary motorcycle has rolled off a Damon production line. They've got a prototype, but that's about it. Yes, it seems Damon promised the world a gourmet meal and only had a slightly singed appetizer to show for it. They were even hunting around for someone to build the bits for this phantom motorcycle and had a change of heart on where they were going to assemble the darn thing, swapping Vancouver for the good ol' US of A.
Image Credit: Damon.
Then there's the executive merry-go-round. The CEO and co-founder, Jay Giraud, and the marketing guru, Amber Spencer, both decided to take early retirement, or perhaps they just ran out of patience. In a plot twist worthy of a daytime soap opera, the other co-founder, Dominique Kwong, has reappeared to take the helm. She'd previously done a disappearing act herself after some… let's call them "personnel adjustments." It's all very cloak and dagger…
The tech wizard, Derek Dorestyen, the brains behind Alta Motors before Harley-Davidson snapped them up, also decided to act like a startled gazelle and bolt. So, to recap: no actual product, a share price that could be mistaken for static on a broken radio, and a leadership team that seems to be playing musical chairs. What could possibly go wrong?
Damon did have a little brainstorm, suggesting they were pivoting into the "mobility space" – whatever that actually means – and were open to flogging their electric know-how to anyone who'd listen. No takers yet, mind you. It really starts to feel like they're trying to sell ice to Eskimos, only the ice is invisible, and they haven't actually figured out how to make it yet.
Image Credit: Damon.
This whole electric escapade only proves that going public isn't a magic wand that instantly conjures up success. You actually need a product. And maybe a stable leadership team. And perhaps a share price that doesn't resemble the national debt of a small, fictional country.
Will Damon pull a rabbit out of the hat at this Nasdaq hearing? Will they suddenly unveil a fleet of gleaming electric motorcycles ready to conquer the world? Your guess is as good as mine. But based on the evidence, it looks like this electric dream might be about to run out of charge. It's a proper shame, really, but perhaps someone should have remembered how to, you know, actually build motorcycles.
