A 小蓝视频 electric motorcycle maker will execute a reverse merger with a division of Inpixon (NASDAQ: INPX), an American Internet of Things (IoT) company, to create a new Nasdaq-listed company.
Damon Motors Inc. makes the HyperSport and Hyperfighter electric motorcycle, with manufacturing done in Surrey.
To date, Damon has raised $96 million in financing and has received $116 million in orders, the company says in a news release.
Inpixon's independent financial advisory firm has estimated the company’s value at US$224 million to US$284 million.
The two companies now plan to create a new company through a reverse merger. Inpixon will spin off its data analytics and statistical visualization business, to be called Grafiti Holding Inc.
“Following the spin-off, Damon will acquire Grafiti by way of a three-cornered amalgamation under a statutory plan of arrangement in British Columbia, pursuant to which Damon and a newly-formed, wholly-owned subsidiary of Grafiti will amalgamate and form a continuing entity, which will be wholly owned by Grafiti,” the companies say in press release.
“Pursuant to the amalgamation, Grafiti will acquire all of the issued and outstanding Damon shares and will issue Grafiti shares to the holders of Damon shares … after which the legacy Damon shareholders and Grafiti shareholders are expected to hold 81.25 (per cent) and 18.75 (per cent), respectively, of the outstanding Grafiti shares on a fully diluted basis.”
The new combined company will be listed on the Nasdaq Capital Market.
“We’re thrilled to partner with Damon on their journey and to provide our shareholders an additional opportunity to maximize shareholder value,” said Nadir Ali, CEO of Inpixon.
“Damon has achieved some remarkable innovations and generated an impressive level of demand and enthusiasm. We’re excited for Damon and its growing community of future Damon riders.”
