SOL Global Investments Corp (OTCMKTS:SOLCF) Invests CAD 6.1 Million In Damon Motorcycles: Damon Raises $30 Million

SOL Global Investments Corp (OTCMKTS:SOLCF) invested CAD 6.1 million in an award-winning and electric motorcycle firm – Damon Motorcycles. 

Damon is engaged in unleashing the personal mobility potential for commuters worldwide. It used a proprietary electric power train – HyperDrive, to develop electric motorcycles, smart and safest. They use features like AI, robotics, and sensor fusion. 

Safety features in electric motorcycles

Damon employed safety features such as 360 degrees advanced warning system – Co-pilot, which is developed using a combination of non-visual sensor, radar, and cameras. The rider gets alerts about shifts and obstacles on the impending path to adjust the peg position and handlebar for a comfortable and safe ride.

Other features of Damon Motorcycles include an hourly speed of up to 200 miles, a torque of 200 NM, and 200 HP. The CEO of Damon Motors, Jay Giraud, said the company succeeded in developing a high-performance and electric two-wheel transportation system in great demand in Europe and North America. 

To satisfy the growing demand for electric vehicles, Damon will manufacture high and medium-performance motorcycles in the coming years using HyperDrive. The customers can avail of electric two-wheelers at a monthly subscription at $286 for the SX model. Dom Kwong and Giraud established Damon Motors in Vancouver, Canada. 

Damon raises capital of $30 million

Damon Motors raised a capital of $30 million through bridge funding led by Zirmania Investments Ltd, Benevolent Capital Partners, and SOL Global.

SOL Global to repurchase shares

SOL Global will repurchase up to 15% (2.737 million) of its common shares from the market under NCIB (Normal Course Issuer Bid). The company feels that its shares are undervalued considering its portfolio holdings’ best performance, and the market value doesn’t reflect the full value of its prospects and business.

After repurchase, the company will cancel the shares and improve shareholder value. The commencing and ending period for NCIB is March 31, 2021, and March 31, 2022. All the shares will be purchased through CSE from the open market.  Clarus Securities Inc will act as a broker for its NCIB.

CEO of SOL Global, Andy DeFrancesco, said the shares of SOL Global are trading at a price lower than its net asset value.