Annual General and Special Meeting: Shareholders Approve Strategic Moves

As the Annual General and Special Meeting of Securityholders (AGM) for Damon Motors Inc. (Damon) wrapped up, shareholders overwhelmingly approved the company's strategic initiatives, demonstrating their confidence in the management's direction. The meeting, held on September 23, 2024, saw a strong turnout, with 19,269,409 shares represented, accounting for 61.14% of the total outstanding shares.

The AGM focused on several key strategic decisions, including:

1. Alteration of Share Capital: Shareholders approved the alteration of the company's capital structure, creating a new class of multiple voting shares with special rights and restrictions. This move aligns with Damon's long-term objective of attracting new investors and increasing its market capitalization.
2. Plan of Arrangement: The AGM approved a plan of arrangement involving Damon, XTI Aerospace, Inc., Grafiti Holding Inc. (Spinco), and 1444842 B.C. Ltd. (Amalco Sub). This plan includes a reverse takeover of Spinco as part of the company's intended listing on the Nasdaq Capital Market. This decision supports Damon's long-term objective of expanding its market reach and increasing its visibility among investors.
3. Election of Directors: Shareholders voted unanimously to set the number of directors at four and elected Jay Giraud, Bal Bhullar, Karan Sodhi, and Shashi Tripathi as directors of the Company. This decision reflects shareholders' confidence in the current board's performance and leadership.
4. Appointment of Auditors: The AGM ratified and appointed BDO Canada LLP as auditors of the Company for the financial year ended June 30, 2023, and approved Marcum LP as auditors for the financial year ended June 30, 2024 in replacement of BDO Canada LLP. This decision indicates shareholders' satisfaction with the company's financial governance and transparency.

The voting results reflect shareholders' sentiment and priorities, with a strong focus on transparency, fairness, and alignment of executive compensation with company performance. Shareholders also value continuity, stability, and flexibility in corporate governance. The high level of support for each resolution indicates that shareholders are generally satisfied with the company's performance and direction.

In conclusion, the Annual General and Special Meeting of Securityholders for Damon Motors Inc. demonstrated shareholders' confidence in the management's strategic direction. The overwhelming approval of the company's key strategic moves, such as the alteration of share capital and the plan of arrangement, indicates that shareholders are optimistic about the company's future performance and growth prospects under the current management's leadership.