Damon Motorcycles is in Trouble as Stocks Plummet

Electric motorcycle maker Damon Motorcycles is at big risk of being delisted from the Nasdaq Exchange market after its shares have plummeted.

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 while still not seismic, falling to basically zero is not a good look.

And 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 their 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 Nasdaq. This is believed to be part of the company’s contingency plan as it awaits a decision from the Panel.

All of this comes after the brand initially appeared in 2019, but still to this day we are seemingly no closer to seeing a production-built Damon bike arriving in the hands of customers, despite people being able to reserve its ‘Hypersport’ and ‘Hyperfighter’ models.

In fact, the company hasn't delivered a single motorcycle to date. The brand is allegedly still collecting manufacturing partners in order to build the necessary components for its new motorcycles.

All in all this is another bad look for the company which promised so much when it landed on the electric motorcycle scene, and what its future looks like is very much up in the air.

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