SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) today announces that it has completed an investment in Vancouver, Canada-based Damon Motorcycles (“Damon“), an award-winning electric motorcycle company whose bikes are powered by the world’s first all-electric multi-variant powertrain.
As announced by Damon in a news release dated March 10, 2021, Damon recently raised USD$30 million after completing a bridge financing round led by SOL Global, Benevolent Capital Partners, LLC, Zirmania Investments Limited, and other investors. Under the terms of its investment, SOL Global invested CAD$6.1 million into Damon at a CAD$114 million valuation cap. The units issued in connection with the financing will convert into common shares of Damon at the lesser of the CAD$114M valuation cap and a 20% discount to the price of Damon’s next financing or liquidity event. If Damon does not complete a financing or liquidity event by December 31, 2021, the units convert into common shares at a USD$50M valuation. As a result of its investment, SOL Global currently holds an approximate 5% interest in Damon.
Damon is unleashing the full potential of personal mobility for the world’s commuters. With its HyperDrive™ proprietary electric powertrain, the company has developed the world’s safest, smartest, fully connected electric motorcycles employing sensor fusion, robotics and artificial intelligence. All of Damon’s motorcycles come equipped with a variety of unique safety and rider comfort features, including CoPilot, a 360° advanced warning system utilizing a combination of cameras, radar, and non-visual sensors to inform the rider of impending obstacles, and Shift, which enables a rider to adjust handlebar and peg positions while their ride is underway. Damon’s HyperDrive motorcycles pack 200 horsepower and 200 Newton metres (148 pounds per foot) of torque, allowing the bikes to reach speeds of up to 200 miles per hour.
Damon’s motorcycles can be purchased on a subscription model, with the SX model coming in at $286 per month and the SE model costing $199 per month. A subscription service for the motorcycles is provided by FreedomRoad Financial and will run across all Damon models. Customers can choose from 24, 36, and 48-month subscription plans, providing customers with the freedom to exchange their HyperSport bike for updated models at the end of the subscription term.
Based in Vancouver, Canada, Damon was founded by serial entrepreneurs Jay Giraud and Dom Kwong. Damons investors include Round13 Capital, Techstars, Fontinalis Partners, Extreme Venture Partners, and Pallasite Ventures. For more information on Damon, please visit the company’s website at www.damon.com.
COVID-19 Update
SOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global’s portfolio companies and companies in which they retain a non-controlling economic interest, including Bluma Wellness Inc. (“Bluma“) have adapted to the current environment through the continued scale-up of existing Florida cannabis production facilities, the continued expansion of Bluma’s operating subsidiary, One Plant Florida’s, already robust home- and curbside-delivery network and online ordering system in Florida, and the continued oversight of strategic business opportunities. SOL Global remains confident that it will continue to weather the COVID-19 storm and will emerge from the pandemic as a strengthened leader in the larger cannabis marketplace.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
