The CEO of Damon Motors will share specifics around the Damon story with you shortly, but first I’d like to take a moment to reflect on this transaction. So a lot of moving parts here, hopefully the slide will help you follow along with how this transaction works. We believe Damon is changing the motorcycle industry with its HyperSport electric motorcycle. The HyperSport is expected to be one of the safest, smartest and most powerful motorcycles available in the market, and Damon has already obtained over $85 million in pre-production consumer reservations for its motorcycle. Damon’s products incorporate cutting edge technology designed to solve unaddressed safety problems in motorcycling. With an impressive 200 horsepower, 200 miles per hour and 200 miles of range Damon motorcycles are at the forefront of electric two wheelers, holding the potential to displace combustion motorcycles and poised to lead the industry into a safer, more sustainable future.
Upon the completion of the merger Grafiti will be renamed to a name selected by Damon. Damon’s management team and Board of Director designees will continue to serve as the management and Board of Directors of the combined company, with one board designee appointed by Grafiti. We expect this transaction to close during the first quarter of 2024. However, it does remain subject to the satisfaction of certain closing conditions, including clearance of a registration statement with the SEC in connection with our planned spin-off of Grafiti Holding and Nasdaq listing approval for the resulting combined company. Inpixon shareholders, as of to be determined record date, will be able to participate in this spin-off. These participating shareholders will be able to continue to retain their Inpixon shares and also receive shares of Grafiti Holding and thereby having ownership in Damon.
The registration statement in connection with this spin-off was confidentially filed with the SEC yesterday. As we’ve discussed before, we believe that Inpixon isn’t being adequately valued in the market. As a result, we’ve taken steps to execute strategic alternatives this year that we believe will aid in maximizing value for our shareholders over time. Please keep in mind these are two separate independent transactions we are pursuing, which we believe provide upside potential for Inpixon shareholders as they have the ability to become part of two separate publicly traded companies. Now, let’s get into the Damon story. I’m so pleased to introduce Jay Giraud, CEO and Co-Founder of Damon. Jay?
Jay Giraud: Perfect. Thanks, Nadir. So, hello, everybody. My name is Jay Giraud and I’m the Founder and CEO at Damon Motors. For the last handful of years, we’ve been hard at work defining and designing what we believe will become the future of motorcycling. The company idea really began in the summer of 2016, when I spent several days riding a motorcycle in downtown Jakarta, Indonesia. I was there for my best friend’s wedding and in the crowd of about 10 million people, many riding a motorcycle every day. In cities like Jakarta, like many people there, I had a little motorcycle accident. But thankfully, I wasn’t injured. Not too much, just my ego, mainly. And I spent the next several days of my trip in Jakarta thinking very differently about the everyday citizens of that city.
As I rode around every day on a motorbike, as everyone does there, I realized how strange it was to me that the car companies that make millions of safe cars also make millions of unsafe motorcycles and that the technology used to make those cars safer has not really trickled down in any way into the motorcycle industry at large. So into my research then I started to learn that 1.5 billion people every single day depend on a powered motorcycle to get from A to B in these cities that are so congested in many ways, they really have no other alternative and how to get around. So how do we make motorcycling safer, and how do we improve air quality for this group of commuters that exist in these big cities that generally have a pretty poor air quality?
I learned quickly on that motorcycles then outsell cars two to one every single year, annually. In fact, they’re the second largest emitter of greenhouse gas emissions in the world, right behind heavy duty trucks. So all of that really led me to realize it was time to set a new standard in motorcycling. So I set a goal for Damon to become the world leader for safer, smarter motorcycles. Now, I know that what you’re looking at on the screen doesn’t exactly look like the average motorcycle for someone living in Jakarta or Mexico City. So it’s important here to understand that just like the many EV companies before Tesla, there have been many EV motorbike companies before Damon that failed to take flight. And that could be for many reasons.
