Damon Inc., a designer and developer of electric motorcycles, has closed an upsized underwritten public offering of 126.9 million units, priced at $0.13 per unit, raising a total of $16.5 million. The transaction has strengthened the company's balance sheet and will aid in the execution of its multi-vertical revenue strategy. Each unit in the offering included one common share and one Series A warrant to purchase one more share.

The company has allowed the underwriters a 45-day option to purchase up to an additional 19,035,000 common shares at a price per share equal to the public offering price per unit (net of discounts and commissions) minus $0.001. They can also purchase 19,035,000 Series A warrants at a price of $0.001 per warrant, to cover over-allotments. This has brought approximately $16.5 million in gross proceeds to the company. These funds will be used to support the company's next phase of growth, which includes focusing on revenue generation through its proprietary technologies, data intelligence, user-driven design, and strategic partnerships.

Damon Inc. has announced the pricing of an upsized underwritten public offering at $16.5 million. The offering consists of 126,900,000 units, each priced at $0.13. Each unit includes one common share and a Series A warrant. The funds raised from the offering will be used to support the company's working capital and for other general corporate purposes.

Sure, which

1) Brief Summary: The financial metrics indicate a highly distressed company with significant selling pressure. With a market cap of only 1.49M, a 50-day simple moving average (SMA50) that is down 86.84%, and a 200-day simple moving average (SMA200) down 92.26%, the stock has been in a significant downward trend. The relative volume is 149.83, indicating heavy trading compared to the average volume. The performance over the last week, month, and quarter is also significantly negative. There is no substantial institutional ownership, and the insider ownership is relatively high at 23.59%, but there's no recent insider transaction. 2) MARKET_SCORE: 8

: Given the extremely negative trend, there's only an 8% likelihood of upward movement in the stock. 3) PRICE_TARGET: $0.03

: Considering the current price of $0.052 and the negative trends, it's more likely that the price could further drop by around 40%, leading to a price target of approximately $0.03. 4) AI_RPT_HEADLINE: "Distressed Stock Faces Downward Pressures Amid Heavy Selling".

-> X2 <- More SEC filings (10-K, 10-Q, 8-K) Financials, risk disclosures, and business changes

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