You Can Now Buy Damon Stocks But Not The Actual Bike!
Electric Motorcycle maker Damon Motors is now listed on the Nasdaq Exchange despite not delivering a single bike to a customer
We’ve all heard of Damon Motors, the Canadian company that wowed the world with its claims of having created the ‘ultimate’ electric motorcycle. The brand initially appeared in 2019, then claiming that its first (and as yet unfulfilled) model would be a ‘paradigm shift for safer, smarter motorcycling’.
Fast forward a whole five years into the future and we are still no nearer to seeing production-built Damon bikes landing in the hands of customers. In fact, to be absolutely clear, it’s still not known if Damon has even set up a manufacturing base yet, or if it has the capacity to produce bikes at scale.
But the big-wigs at Damon aren’t letting a little fact like that stop them from getting the firm’s finances in order, as the Canadian company has recently been listed on the Nasdaq global market. The news means you can now buy a slice of Damon Motors (Nasdaq: DMN) despite being, at the time of writing, unable to purchase one of the brand's bikes.
Confused? So are we.
Explaining the move via the company’s website, Jay Giraud, CEO and Founder of Damon, said:
"Our vision is resonating with a global community that's ready for a more modern riding experience – what the old guard keeps selling year after year has gotten stale … And reaching $100M in reservations is a pretty good indication that it's time to think different."
Adding to the confusion, Damon valued its own shares at twelve bucks a piece, although that was quickly quashed to under $5 and at the time of writing you can bag a Damon share for the pocket money price of *checks Nasdaq* $1.31… Awkward!
It’s hardly surprising to see the shares tumble so spectacularly, given the downturn in electric motorcycle sales, especially battery bikes in the large to middle-weight category. Add to that the stories of Arc, which went belly in the spring 2024, and Energica, which followed suit later this year, and you'd have to be smoking something pretty potent to take a punt on another high-end, small-volume electric bike maker.
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Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
