Damon Stock at Risk of Nasdaq Delisting After Trump Tarriff Comments
Damon stock continues with its downward spiral, with President Trump’s tariff talk seeming like the final nail in the coffin
The electric bike ‘maker’ Damon is looking in serious trouble, as, after listing on the Nasdaq in November last year, it’s price is at an all-time low.
Damon made a lot of noise when it entered the industry, claiming it would transform the electric bike market, thanks to 200mph top speeds, 200-mile range claims, and extremely fast recharging times. Little more than five years on, though, and not one single bike is known to have found its way to an owner, and let’s face it, the firm’s arrival on the stock market has been nothing short of disastrous.
The Canadian company’s current stock is trading at $0.01 per share after it joined the Nasdaq Exchange market in November, 2024. Its shares initially launched at $4.95, and and since then it has basically been in freefall to an all-time low.
The Nasdaq has responded to the brand's fall by pressing pause on its shares, although Damon Motorcycles has been granted a hearing, which is scheduled for 20 May, according to Investing.com.
During that hearing, Damon Motorcycles will present its plan to regain its position. But until then, all trading of Damon’s shares has been halted, and that’s been the case since Thursday, 29 April.
It’s being reported that Damon Motorcycles is toying with the possibility of trading on the OTCQB market, which is operated by OTC Markets Group Inc., in a bid to avoid the risk of being delisted from the Nasdaq. This is believed to be part of the company’s contingency plan as it awaits a decision from the Panel.
Adding more trouble to Damon's flailing company are the comments President Trump made recently when he met with the new Canadian Prime Minister, Mark Carney. In the typically succinct chat with the new Canadian PM, President Trump pointed to him, adding tariffs to all Canadian-built vehicles, bluntly telling the newly elected prime minister, "We don't want your cars". An electric motorcycle maker, Damon may be, but it's also Canadian, and any tariffs on its yet-to-be-produced bikes would surely spell the end for the company.
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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!
After graduating with a sports journalism degree, Robert joined Crash.net to lead the WorldSBK coverage in 2021, while also providing MotoGP coverage. Fulfilling that role for over three years, Robert was able to put his knowledge about all things racing to the test.
