Damon Inc. Faces Delisting Concerns

Ticker: DMNIF · Form: 8-K · Filed: Jan 24, 2025 · CIK: 2000640

Sentiment: bearish

Topics: delisting, listing-standards, regulatory

TL;DR

Damon Inc. might get delisted, check their listing status ASAP.

AI Summary

Damon Inc. filed an 8-K on January 24, 2025, reporting a notice of delisting or failure to meet continued listing standards as of January 22, 2025. The company, formerly known as Grafiti Holding Inc., is based in Vancouver, BC, and its principal executive offices are located at 704 Alexander Street.

Why It Matters

This filing indicates potential issues with Damon Inc.'s ability to remain listed on its current exchange, which could significantly impact its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.

Key Players & Entities

FAQ

What specific listing rule or standard has Damon Inc. failed to satisfy?

The filing does not specify the exact rule or standard that Damon Inc. has failed to satisfy, only that it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard'.

What is the exact date of the delisting notice?

The earliest event reported, which includes the notice, is dated January 22, 2025.

When was Damon Inc. formerly known as Grafiti Holding Inc.?

The date of the name change from Grafiti Holding Inc. to Damon Inc. was November 9, 2023.

What is Damon Inc.'s primary business activity?

Damon Inc. is classified under SERVICES-COMPUTER PROGRAMMING SERVICES [7371].

What is the company's telephone number?

The registrant's telephone number, including area code, is (408) 702-2167.

Filing Stats: 1,226 words · 5 min read · ~4 pages · Grade level 15 · Accepted 2025-01-24 17:00:09

Key Financial Figures

Filing Documents

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 22, 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 December 5, 2024 to January 21, 2025, the Company's common shares had not maintained a minimum closing bid price of $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Rule"). The Notice does not impact the listing of the Company's common shares on The Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), the Company has a period of 180 calendar days from the date of the Notice, or until July 21, 2025 (the "Compliance Date"), to regain compliance with the Bid Price Rule. During this period, the Company's common shares will continue to trade on The Nasdaq Global Market. If at any time before the Compliance Date the closing price of the Company's common shares closes at or above $1.00 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 Bid Price Rule and will close the matter. If the Company does not regain compliance with the Bid Price Rule by the Compliance Date, the Company may be eligible for an additional 180-day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market except for the bid price requirement, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period by effecting a reve

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 Bid Price Rule and regain compliance with the Bid Price Rule 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 registration statement on Form S-1 filed on January 16, 2025, and other documents of the Company filed, or to be fil

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