Damon Strengthens Operational Focus with Leadership Appointments: Dominique Kwong Named Interim CEO, Shashi Tripathi as Chairman

Rhea-AI Summary

Damon Inc. (NASDAQ: DMN) announced key leadership changes to strengthen operational focus. Dominique Kwong, co-founder and former Chief Technology Officer and Chief Operating Officer, has been appointed as interim CEO, replacing Jay Giraud. Shashi Tripathi, current independent director, has been named Chairman of the board.

Kwong brings 25 years of experience in technology companies and was instrumental in developing Damon's CoPilot and SHIFT technologies. Tripathi, founder of Nurture Growth Fund and CEO of Sleepiz USA, brings expertise in technology, operations, and manufacturing, having led three companies to successful exits.

The leadership restructuring aims to accelerate production capabilities and operational efficiency, with a focus on disciplined pre-production management and systematic operational preparation.

Positive

• Appointment of experienced operational leader with 25 years of technology industry experience as interim CEO
• New Chairman brings successful track record of leading companies to exits
• Leadership restructuring focused on accelerating production capabilities

Negative

• Unexpected CEO replacement indicates potential operational challenges
• Interim nature of CEO appointment suggests uncertainty in leadership stability

SAN RAFAEL, Calif., Dec. 5, 2024 /PRNewswire/ - Damon Inc. (NASDAQ: DMN) ("Damon" or the "Company"), maker of high-tech, high-performance motorcycles, announced today a strengthening of its focus on operational excellence through the appointment of Damon co-founder, Dominique (Dom) Kwong as interim Chief Executive Officer, and Shashi Tripathi as Chairman of the board of directors (the "Board"). This leadership alignment reinforces Damon's commitment to accelerating production capabilities and operational efficiency.

Mr. Kwong assumes the interim CEO role after first serving on the Company's Board and as Chief Technology Officer and then subsequently its Chief Operating Officer between 2017 and 2023. As a goal and process driven executive with 25 years of experience in building technology companies in consumer and automotive sectors, Mr. Kwong has been instrumental in developing Damon's technological foundation and securing global patents for the Company's groundbreaking CoPilot and SHIFT technologies. His experience includes successful roles at Intel Corporation, Recon Instruments, and Sierra Wireless.

"This is a pivotal moment as we advance Damon's operational readiness, and I am honored to return to Damon as the interim CEO," said Mr. Kwong. "The Company has established key foundational elements: a talented engineering team, proven technological infrastructure, and strategic manufacturing partnerships. Our immediate focus will be on execution and operational development. Through disciplined pre-production management and systematic operational preparation, we expect to unlock substantial value for our stakeholders," continued Mr. Kwong

Mr. Kwong replaces Jay Giraud as CEO.

Current independent director, Shashi Tripathi, has been appointed as Chairman of the Board. Mr. Tripathi brings extensive experience in technology, operations, and manufacturing.  As founder of Nurture Growth Fund and current CEO of Sleepiz USA, Mr. Tripathi has successfully led three companies to exits and maintains a strong track record in regulated industries. His expertise spans over artificial intelligence, SaaS, digital health, and FinTech, complemented by advanced degrees in industrial and mechanical engineering.

"As I step into the Chairman role alongside Dom as interim CEO, we are intensifying our focus on operational excellence," said Mr. Tripathi. "I am honored by this appointment and truly energized about Damon's promising outlook and opportunities ahead. Having spent my career focused on scaling companies and driving value through disciplined execution and robust financial management, I see tremendous potential in Damon's innovative approach to electric motorcycles. In this next chapter for Damon, as we move towards production, I look forward to working together with the team to implement the foundational systems and protocols that will strengthen our path forward," concluded Mr. Tripathi

About Damon
Damon is on a mission to cause a paradigm shift for safer, smarter motorcycling. With its development offices in San Rafael, California, Damon is led by entrepreneurs and executives from world-class EV and technology companies.  Anchored by the groundbreaking HyperDrive™ electric powertrain, all Damon motorcycles are set to deliver power and range that exceeds that of gas without the noise, emissions, or maintenance hassles. Damon has captured the attention of the motorcycling world cutting edge designs and innovative safety technologies including CoPilot™ and Shift™, which are attracting a new generation of motorcycle riders. With strong consumer interest in the US and abroad, Damon aims to set the standard for motorcycle safety and sustainability worldwide. For more information, please visit damon.com.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") that reflect current expectations and projections of Damon Inc. ("Damon") about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.

Forward-looking statements in this press release include, but are not limited to, statements relating to the expected performance level of Damon motorcycles, and acceleration of our production capabilities and operational efficiency .

In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, and general market conditions. Many risks, uncertainties, and other factors could cause the actual results of Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the following:

• the risk that the price of common shares of Damon may be volatile due to a variety of factors, including changes in the highly competitive industries in which Damon operates, variations in performance across competitors, changes in laws, regulations, technologies that may impose additional costs and compliance burdens on Damon's operations, global supply chain disruptions and shortages, and macro-economic and social environments affecting Damon's businesses;
• the inability to implement Damon's business plans, forecasts, and other expectations, or identify and realize additional opportunities;
• the risk that Damon has not achieved sufficient sales and production capacity at a mass-production facility, and Damon and its current and future collaborators may be unable to successfully develop and market Damon's motorcycles or solutions, or may experience significant delays in doing so;
• the risk that Damon may never achieve or sustain profitability;
• the risk that Damon may be unable to raise additional capital on acceptable terms to finance its operations and remain a going concern;
• the risk that Damon experiences difficulties in managing its growth and expanding operations;
• any adverse changes in U.S. or Canadian general economic, business, market, financial, political or legal conditions, including as a consequence of the ongoing uncertainties relating to inflation and interest rates;
• any inability to successfully and economically manufacture and distribute Damon's motorcycles at scale;
• the reliance on key management, and any inability to attract and/or retain key personnel;
• any inability to raise additional funds to meet its capital requirements and pursue its growth strategy when and in the amounts needed;
• the risk of potential litigation resulting in the diversion of management's time and attention and the Company's resources needed to address any such litigation that may arise; and
• any inability to secure adequate insurance coverage or a potential increase in insurance costs.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law.  All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement. 

Additional information about Damon Inc., and the foregoing risks and uncertainties, can be found in our filings with the U.S. Securities and Exchange Commission, including our Form 10 and Form S-1 registration statements and subsequent filings, at www.sec.gov, and our filings with the British Columbia Securities Commission, including our non-offering prospectus filed following our completed business combination with Damon Motors Inc. and subsequent filings, at www.sedarplus.ca.

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SOURCE DAMON Motors Inc.

FAQ

Who is the new interim CEO of Damon (DMN)?

Dominique (Dom) Kwong, co-founder and former Chief Technology Officer and Chief Operating Officer of Damon, has been appointed as interim CEO.

Who was appointed as Chairman of Damon (DMN) in December 2023?

Shashi Tripathi, current independent director, was appointed as Chairman of Damon's board of directors.

Why did Damon (DMN) change its leadership?

Damon made leadership changes to strengthen its operational focus, accelerate production capabilities, and improve operational efficiency.

Who did Dominique Kwong replace as CEO of Damon (DMN)?

Dominique Kwong replaced Jay Giraud as CEO of Damon.