Vancouver-based electric motorcycle company Damon Motors spent more time trying to list on the NASDAQ stock exchange than it did trading on it. Now, its board, including founder and CEO Dom Kwong, has resigned, and the future of the company is unclear.
“We faced what oftentimes seemed like insurmountable challenges.”
Damon announced in a short press release on Friday evening that its board of directors, including the CEO and CFO, had resigned. The announcement is the latest in a steady stream of departures over the past month, including CFO Bal Bhullar (who was replaced in an interim capacity by a longtime company contractor) and board member Karan Sodhi.
Damon’s website, which has not been updated to include the latest announcement, only lists Kwong and chairman Shashi Tripathi as members of the board. BetaKit has reached out to Damon for clarity on who is now leading its operations and what the future of the company looks like.
Founded in 2017 by Kwong and Jay Giraud as Damon Motorcycles, the company initially developed safety innovations for motorcycles by combining data from sensors around the vehicle with an AI-powered engine that continually learned and warned of possible collision scenarios. The company’s broader goal was to ensure that by 2030, there would be no fatal accidents on vehicles equipped with their systems. The company then began to develop its own electric motorcycles, including its “superbike” models HyperSport and HyperFighter, which at one point had secured over 3,000 reservation deposits worth more than $100 million CAD.
In December 2021, Damon secured $37.9 million in Series B funding as it went from product testing into manufacturing, following the announcement of a planned 110,000-square-foot manufacturing facility to be built in Surrey, British Columbia (which never materialized).
In October 2023, when Giraud was CEO, Damon began its journey to list on the NASDAQ stock exchange via a reverse merger with a spin-off of California-based IoT company Inpixon, a process that took 13 months.
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“We faced what oftentimes seemed like insurmountable challenges,” Giraud explained in a letter after the company hit the NASDAQ in November 2024. “These included maintaining essential operations, keeping the remaining staff onboard, and managing increasing costs associated with going public.”
Giraud added that those stressors impacted Damon’s ability to fund its production preparation, extending its timeline to production. Ten days later, he was replaced by his co-founder, Kwong, who at that point had been away from the company for nearly a year.
In May 2025, just six months after it listed on the NASDAQ at nearly five dollars per share, Damon was delisted from the exchange because it was trading at less than one cent per share. Damon moved its stock to the OTC Pink Current Market maintained by OTC Markets Group under the symbol $DMNIF.
According to an annual report filed with the United States Securities and Exchange Commission this past September, Damon is facing three lawsuits, including one from Giraud that alleges the company did not pay him an owed bonus and backpay following his departure from the company. The other lawsuits allege Damon did not issue $3.2 million worth of shares to an advisor as promised, and that Damon has allegedly not paid $376,000 of rent for its Vancouver office. These allegations have not yet been proven in court.
The company’s last material update for its motorcycles came in December 2025, when Damon said it had reached “70 percent completion” for its HyperSport Race Prototype.
Feature image courtesy Damon Motors.