SOL Global Announces Portfolio Company Damon Motors entered into Business Combination to List on Nasdaq

Damon, maker of the 200 mph HyperSport and HyperFighter EV Motorcycles with patented rider safety features, is expected to list early 2024

TORONTO, Ontario, October 24, 2023 – SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB), a global asset manager, announced that Damon Motors Inc. (“Damon”), a portfolio company of SOL Global’s Greentech-focused investment, House of Lithium, signed a definitive agreement with Inpixon (NASDAQ: INPX) to complete a reverse merger (the “Business Combination”) with a proposed spin-off entity of Inpixon, Grafiti Holding Inc. Upon the completion of the Business Combination, the combined company will be listed on the Nasdaq Capital Market, subject to the approval of an initial listing application, and will be focused on the development of Damon’s famed HyperFighter and HyperSport motorcycles.

The Company invested CDN$6 million in Damon in February 2021 and made a further investment in Damon in December 2021 of US$14.25 million prior to SOL Contributing its shares in Damon to House of Lithium in November, 2021. SOL, via House of Lithium, expects to realize a material return on investment for shareholders, further supporting its thesis for the Greentech space. SOL Global currently holds 63.06% of the equity in House of Lithium on an undiluted basis.

Inpixon and Damon each issued a press release announcing the Business Combination on October 23, 2023. It was reported that the enterprise value of Damon was ascertained by Inpixon’s independent financial advisory firm to be within the range of $224 million and $284 million.

Founded in 2017, Damon has captured the attention of motorcycling enthusiasts by delivering 200 hp, a top speed of 200 mph, 200 miles of range, innovative design, and new safety features. The Damon HyperSport is expected to be one of the safest, smartest, and most powerful electric motorcycles in the market. Damon announced today that it has obtained approximately $85 million in pre-production consumer reservations for its motorcycles. Damon aims to set a new standard for motorcycle safety and sustainability and holds the potential to replace combustion motorcycles. Paul Kania, Interim CEO of SOL Global, said: “We believe Damon has the right assets, technology, and team to be one of the leaders in electric motorcycles and to be able to deliver a globally effective solution, and work sustainably to reduce hydrocarbon emissions.”