Damon Inc.’s Nasdaq delisting is no longer a risk—it happened in May 2025. Nasdaq halted trading in the electric-motorcycle company on April 29, allowed the shares to trade for one session on May 19, and the stock moved to the OTC market on May 20 under the symbol DMNIF. The former OTC Pink Current Market became the OTCID Basic Market on July 1, 2025.
The move followed both a prolonged low bid price and a separate Nasdaq concern about dilution from securities issued under a March 2025 underwriting agreement. Damon’s subsequent filings also describe substantial financing, liquidity, commercialization, and going-concern risks. Its motorcycles remain development and reservation-stage programs rather than verified mass-produced consumer products.
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The short answer: Damon is no longer a Nasdaq-listed company
Damon Inc. was delisted from the Nasdaq Global Market in 2025. The company did not appeal the delisting and instead pursued trading on an alternative market.
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Damon’s filings identify the OTC trading symbol as DMNIF. A 1-for-125 reverse stock split temporarily changed the symbol to DMNID, but the symbol later reverted to DMNIF.
There is no evidence in the researched 2026 corporate updates of a Nasdaq relisting, commercial production, customer deliveries, or a resolution of Damon’s financing and going-concern concerns.
Why Nasdaq delisted Damon
There were two separate Nasdaq delisting bases. The first involved the company’s share price. The second concerned the structure and potential dilution of securities issued in a financing transaction.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errors| Issue | What the filings and notices say | Relevant Nasdaq rule |
|---|---|---|
| Low bid price | Nasdaq said Damon’s closing bid price had been $0.10 or less for 10 consecutive trading days. | Listing Rule 5810(c)(3)(A)(iii) |
| Public-interest concern | Nasdaq cited securities issued under a March 20, 2025 underwriting agreement, including Series A warrants with an alternative cashless-exercise feature that Nasdaq viewed as capable of producing substantial dilution. | Listing Rule 5101 |
| Company response | Damon chose not to exercise its appeal right, allowing the shares to trade on an alternative market. | Not applicable |
The price-compliance problem
Nasdaq’s April 4, 2025 notice stated that Damon had failed the exchange’s minimum bid-price requirement after its closing bid remained at $0.10 or below for 10 consecutive trading days. A low-price deficiency can sometimes be cured through a reverse split or other corporate action, but Damon ultimately left Nasdaq rather than completing an appeal process that would preserve its listing.
The dilution-related concern
Nasdaq later identified a separate basis under Listing Rule 5101, which addresses broader public-interest and listing concerns. The issue involved securities issued under Damon’s March 20 underwriting agreement. Nasdaq specifically referred to Series A warrants containing an alternative cashless-exercise feature and viewed the terms as creating substantial potential dilution.
That description should not be expanded into an unsupported allegation of fraud or illegal conduct. It means Nasdaq identified the financing structure as a public-interest listing concern. Damon’s decision not to appeal meant the Nasdaq process proceeded toward suspension and delisting.
Damon’s delisting timeline
| Date | Event |
|---|---|
| March 20, 2025 | Damon entered the underwriting agreement later referenced in Nasdaq’s public-interest delisting basis. |
| April 4, 2025 | Nasdaq issued a notice concerning Damon’s closing bid price of $0.10 or less for 10 consecutive trading days. |
| April 29, 2025 | Nasdaq halted trading in Damon’s shares. |
| May 19, 2025 | Trading resumed for one session after Nasdaq informed Damon that the shares would be suspended the next trading day. |
| May 20, 2025 | Damon’s shares began trading on the OTC Pink Current Market. |
| July 1, 2025 | The OTC Pink Current Market became the OTCID Basic Market. |
| July 3, 2025 | A 1-for-125 reverse stock split took effect. The temporary symbol was DMNID before reverting to DMNIF. |
| July 18, 2025 | Nasdaq filed a Form 25 to remove Damon’s securities from the exchange’s listing. |
| October 16, 2025 | Damon’s filing said its Section 12(b) registration was expected to terminate on this date, after which the shares would remain registered under Section 12(g). |
What DMNIF’s OTC status means
Trading over the counter does not mean that Damon ceased to exist as a company. It does mean the shares no longer have a Nasdaq national-exchange listing. Damon’s annual filing warned that losing the Nasdaq listing could reduce the company’s visibility, trading liquidity, valuation, investor interest, and ability to raise capital.
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For investors, the important distinction is between being a public company and being listed on a national securities exchange. Damon can continue filing reports and attempting to develop products while its shares trade on an OTC market. However, the lower-profile listing environment can make it harder for investors to trade shares and harder for a financially constrained company to attract capital.
The OTC status also does not represent a business turnaround. It is a change in where the shares trade, not evidence that Damon has solved its cash requirements, achieved production, or regained compliance with Nasdaq.
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The 1-for-125 reverse stock split
Damon’s reverse split took effect on July 3, 2025. According to the company’s filing, the number of shares outstanding fell from 2,450,477,042 to 19,603,815.
A reverse split consolidates shares; it does not automatically create economic value. For example, a shareholder with 125 shares before a 1-for-125 split would generally hold one share afterward, subject to the company’s treatment of fractional shares. The quoted per-share price can be mechanically higher after the split, but the shareholder’s proportional ownership and the company’s underlying business value do not improve simply because the share count changes.
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The split also does not erase warrants, debt, operating losses, or future dilution risk. In Damon’s case, the reverse split occurred after the Nasdaq delisting process had already become the central issue for shareholders.
Damon’s financial and going-concern risk
Damon’s fiscal-year 2025 filing presents a company that needed substantial additional financing to continue operations and commercialize its products.
- Damon used approximately $19.63 million of cash in operations during the year ended June 30, 2025.
- Management said the company expected additional losses.
- The company said it needed additional debt or equity financing to fund operations and product commercialization.
- The filing concluded that substantial doubt existed about Damon’s ability to continue as a going concern within one year after the filing was issued.
- Management’s financing plans did not alleviate that doubt.
A going-concern warning is a serious accounting and financial-risk disclosure. It is not the same thing as a bankruptcy filing, and it does not by itself prove that a company is insolvent. It means management and the auditors identified conditions creating substantial uncertainty about the company’s ability to keep operating without obtaining additional financing or improving its financial position.
September 2025 financial snapshot
For the quarter ended September 30, 2025, Damon reported approximately:
| Item | Company-reported amount |
|---|---|
| Cash | $0.68 million |
| Liabilities | $15.0 million |
| Stockholders’ deficit | $13.2 million |
| Quarterly net loss | $3.3 million |
These numbers are a snapshot for one reporting period, not proof by themselves that Damon is bankrupt or unable to continue. They do, however, show why the company’s financing plans are central to its future. With less than $1 million in reported cash at that quarter-end and continuing losses, Damon needed new capital, cost control, revenue, or some combination of those factors.
The January 2026 promissory note
In a Form 8-K filed January 5, 2026, Damon disclosed a $300,000 promissory note involving then-CFO Baljinder Bhullar and consultant Dino Mariutti. The note carried 15% annual interest, included a setup fee, and was secured by substantially all personal property. The security was subordinated to Damon’s obligations to Streeterville Capital.
This transaction is relevant because it shows the company using short-term financing while under significant liquidity pressure. It does not, standing alone, establish bankruptcy, insolvency, or wrongdoing. The terms do indicate that the cost and security requirements of obtaining capital were material considerations for Damon.
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Where Damon’s electric motorcycles stand
Damon describes itself as a designer and developer of electric motorcycles and personal-mobility products. Its product ecosystem includes the HyperSport, HyperFighter, HyperSport Race, and the Damon I/O platform.
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The company’s product page describes the HyperFighter as a naked electric motorcycle and promotes features such as CoPilot hazard detection and SHIFT variable riding posture. Those are Damon’s own product descriptions, not independent validation of performance, safety, production readiness, or regulatory approval.
The most important qualification is that Damon’s filings describe commercial production as a future step. Before U.S.-bound motorcycles can be delivered commercially, the company says it must complete internal and external testing and the self-certification process required for vehicle homologation. Its production roadmap places tooling, validation, assembly, testing, and delivery infrastructure in later development stages.
Accordingly, the available record supports describing Damon’s motorcycles as products under development or reservation-stage programs. It does not support describing Damon as a verified mass-production motorcycle manufacturer or treating reservations and projected market opportunities as completed sales.
The HyperSport Race and Damon I/O
In a November 2025 operational update, Damon said it had completed a full-scale clay master model for the HyperSport Race and had moved toward physical prototype development. The company also described a $30 million Regulation A+ offering intended to advance the HyperSport Race program and Damon I/O.
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What changed at Damon in 2026?
Damon’s investor-relations page lists two notable corporate updates in February 2026.
- February 9, 2026: Dino Mariutti became interim CFO after Baljinder Bhullar resigned to pursue other opportunities.
- February 23, 2026: Karan Sodhi resigned from the board. The company said the resignation was not related to a disagreement with Damon.
These changes may matter to anyone assessing management continuity and financing execution, but the announcements do not establish a Nasdaq relisting, commercial production, customer deliveries, or a solution to the company’s liquidity risk.
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It does indicate
- Damon no longer met, or was no longer permitted to maintain, Nasdaq’s listing requirements.
- The company’s low bid price created a formal compliance problem.
- Nasdaq considered the terms of certain securities issued in Damon’s financing to raise a separate public-interest and dilution concern.
- Damon preferred to move to an alternative market rather than appeal the delisting.
- The company faces a more difficult capital-markets environment while it attempts to fund development and commercialization.
It does not automatically indicate
- That Damon has filed for bankruptcy.
- That Damon is legally insolvent.
- That the company committed fraud.
- That Damon can never produce an electric motorcycle.
- That every announced feature, reservation, patent, prototype, or market projection will become a delivered product.
The strongest supported conclusion is narrower: Damon is an OTC-traded electric-mobility developer with substantial financing and execution risk, and the company has not yet demonstrated verified mass production or a stable path to commercialization in the supplied filings.
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How to evaluate Damon from here
Anyone following DMNIF should separate the company’s corporate claims from independently verifiable operating results. The most useful questions are:
- How much cash is available? Compare cash, operating cash burn, and near-term liabilities in each new filing.
- What financing was actually completed? Distinguish a proposed offering, an announced financing, and cash received after fees and conditions.
- Is dilution increasing? Review new shares, warrants, convertible instruments, and exercise terms—not just the post-split share price.
- Has the product moved beyond design work? Look for completed testing, homologation, tooling, production validation, and independently verifiable customer deliveries.
- What is the trading venue and symbol? Confirm whether the shares remain on the OTCID Basic Market under DMNIF and whether a broker supports the security.
- Has the going-concern language changed? A later filing that removes or narrows the warning would be more meaningful than a promotional product update alone.
These checks are especially important after a reverse split. A lower share count and a changed ticker can make the company appear different on a quote screen while leaving the underlying financing and operating questions unresolved.
Bottom line for Damon and DMNIF
Damon’s Nasdaq delisting became complete in May 2025. The shares now trade over the counter under DMNIF, following the brief May 19 trading session and the move from Nasdaq to the OTC market on May 20. The 1-for-125 reverse split reduced the reported share count but did not solve the company’s capital needs.
Damon continues to describe electric motorcycles and personal-mobility products in development, including the HyperSport, HyperFighter, HyperSport Race, and Damon I/O. But the company’s own filings place testing, homologation, production infrastructure, and deliveries in future stages. Combined with the reported cash burn, limited cash balance, financing dependence, and going-concern warning, the central story is not simply a stock-exchange change. It is whether Damon can obtain enough capital and complete enough engineering and regulatory work to turn its programs into commercially delivered products.
This article summarizes company and exchange disclosures and is not investment advice. OTC securities can carry substantial liquidity, volatility, dilution, and information risks.
Frequently Asked Questions
Is Damon bankrupt after being delisted from Nasdaq?
No bankruptcy conclusion is established by the researched record. Damon’s filings do report substantial doubt about its ability to continue as a going concern, continuing losses, low cash, and a need for additional financing. Those are serious risks, but they are not the same as a bankruptcy filing or a definitive legal finding of insolvency.
What is Damon’s current stock ticker?
Damon’s filings identify DMNIF as the trading symbol on the OTC market. The symbol temporarily changed to DMNID around the July 3, 2025 1-for-125 reverse stock split and later reverted to DMNIF.
Are Damon electric motorcycles in production?
The available filings support describing Damon’s motorcycles as under-development or reservation-stage programs, not as verified mass-produced consumer motorcycles. Damon said commercial production would follow additional testing and the U.S. self-certification process required for vehicle homologation.
Can Damon return to Nasdaq?
A future relisting cannot be ruled out solely because the shares trade over the counter, but the researched 2026 updates do not announce a Nasdaq relisting or show that Damon has resolved the conditions surrounding its delisting. A relisting would require the company to satisfy applicable exchange and securities requirements.
The Bottom Line
Damon’s Nasdaq delisting is complete, not merely a possibility. The company trades on the OTCID Basic Market under DMNIF, while its filings continue to describe significant liquidity, financing, commercialization, regulatory, and going-concern risks. Its electric motorcycles remain development programs until Damon can demonstrate completed testing, homologation, production, and customer deliveries.
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