XTI Aerospace Announces Closing of Business Combination Between Former Subsidiary and Damon Motors

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[{"type":"text","content":"ENGLEWOOD, Colo., Nov. 18, 2024 /PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq: XTIA) (\"XTI Aerospace\" or the \"Company\") today congratulates Damon Motors Inc. (\"Damon Motors\") on the announced completion of its business combination with Grafiti Holding Inc. a former subsidiary of XTI Aerospace, Inc., (which was renamed Damon Inc. on closing) (\"Damon\").\n\n \n \n \n \n \n \n\n \nIn connection with the transaction, XTI Aerospace received securities of Damon consisting of common stock and warrants. The common shares of Damon Inc. are expected to begin trading under the ticker symbol \"DMN\" on the Nasdaq Global Market on November 18, 2024.\n\"We congratulate Damon on both completing its merger and on Damon's listing on Nasdaq,\" said Scott Pomeroy, Chairman and CEO of XTI Aerospace. \"We believe Damon's motorcycles are destined to transform the two-wheeled transportation market, and we look forward to watching their progress as XTI strives to transform aerial transportation.\"\nPrior to the closing of the business combination, the previously announced 1-for-50 share distribution of Damon common shares to the December 27, 2023 record date participating stockholders of XTI Aerospace was also completed. The Form 10-12B registration statement of Damon was declared effective by the U.S. Securities and Exchange Commission on November 12, 2024. All fractional shares in the distribution were rounded up. The Damon shares distributed to shareholders are subject to lock-up restrictions for 180 days after the closing of the business combination, with the following release schedule: 20% at the closing, 40% at 90 days following the closing, 40% at 180 days following the closing, subject to accelerated release from lock-up restrictions if, following closing, the public share price of Damon reaches a certain threshold.\nFor U.S. federal and applicable state income tax purposes, the record date participating securityholders are deemed to have received a distribution of the Damon shares from XTI Aerospace as of the record date. RECIPIENTS OF DAMON SHARES IN THE DISTRIBUTION ARE ENCOURAGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR TAX CONSEQUENCES OF THE DISTRIBUTION TO THEM.\nAbout XTI Aerospace, Inc. \nXTI Aerospace (XTIAerospace.com) (Nasdaq: XTIA) is the parent company of XTI Aircraft Company (XTIAircraft.com), an aviation b...

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