Damon Inc. Faces Delisting Concerns

TL;DR

Damon Inc. might get delisted, filing shows.

AI Summary

Damon Inc. filed an 8-K on January 10, 2025, reporting a notice of delisting or failure to satisfy continued listing rules as of January 7, 2025. The company, formerly known as Grafiti Holding Inc. until November 9, 2023, is incorporated in British Columbia and has its principal executive offices at 704 Alexander Street, Vancouver, BC.

Why It Matters

This filing indicates potential issues with Damon Inc.'s continued listing on an exchange, which could impact its stock trading and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to severe consequences for a company's stock.

Key Players & Entities

• Damon Inc. (company) — Registrant
• Grafiti Holding Inc. (company) — Former company name
• November 9, 2023 (date) — Date of name change
• January 7, 2025 (date) — Date of earliest event reported
• January 10, 2025 (date) — Date of report
• 704 Alexander Street, Vancouver, BC (location) — Principal executive offices

FAQ

Key Financial Figures

• $50 million — ities ("MVLS") was below the minimum of $50 million required for continued listing on The N

Filing Documents

• ea0227426-8k_damon.htm (8-K) — 32KB
• 0001213900-25-002720.txt ( ) — 203KB
• dmn-20250107.xsd (EX-101.SCH) — 3KB
• dmn-20250107_lab.xml (EX-101.LAB) — 33KB
• dmn-20250107_pre.xml (EX-101.PRE) — 22KB
• ea0227426-8k_damon_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 7, 2025, Damon Inc. (the "Company") received a written notice (the "Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the 30 consecutive business days from November 18, 2024 to January 6, 2025, the Company's Market Value of Listed Securities ("MVLS") was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the "MVLS Requirement"). An indicator will be displayed with quotation information related to the Company's securities on NASDAQ.com and NASDAQTrader.com and may be displayed by other third-party providers of market data information, however, the Notice does not impact the listing of the Company's securities on The Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(C) (the "Compliance Period Rule"), the Company has a period of 180 calendar days from the date of the Notice, or until July 7, 2025 (the "Compliance Date"), to regain compliance with the MVLS Requirement. During this period, the Company's securities will continue to trade on The Nasdaq Global Market. If at any time before the Compliance Date the Company's MVLS closes at or above $50 million for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it has regained compliance with the MVLS Requirement and will close the matter. If the Company does not regain compliance with the MVLS Requirement by the Compliance Date, the Staff will provide a written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Hearings Panel (the "Panel"). However, there can be no assurance that, if the Co

Forward-Looking Statements

Forward-Looking Statements Certain statements made in this Current Report on Form 8-K are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Current Report on Form 8-K are forward-looking statements. When used in this Current Report on Form 8-K, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and variations of these words or similar expressions (or the negative versions of such words or expressions), as they relate to the Company or its management team, are intended to identify forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including the Company's ability to successfully appeal a delisting determination if issued, the Company's ability to resolve the deficiency under the MVLS Requirement and regain compliance with the MVLS Requirement or the Company's ability to successfully transfer the listing of its securities to The Nasdaq Capital Market. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's information statement filed as Exhibit 99.1 to the registration statement on Form 10-12B declared effective on N

View Full Filing

View this 8-K filing on SEC EDGAR