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by Mike Caswell

Toronto investor Andy DeFrancesco has filed a lawsuit in the Supreme Court of British Columbia against Damon Inc., a designer of electric motorcycles, over $3.2-million worth of stock. Mr. DeFrancesco claims that Damon was supposed to issue him the shares as compensation for services. Despite repeated demands, the company has refused to issue the stock, Mr. DeFrancesco claims.

The allegations are contained in a brief notice of claim that Mr. DeFrancesco filed at the Vancouver courthouse on April 11, 2025. The sole defendant is Damon, a Nasdaq listing with an address in Vancouver. The company, which went public on Nov. 18, 2024, describes itself as a "designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector."

According to the suit, Mr. DeFrancesco provided Damon with services in 2023 that included advising on financings and "other operational aspects" of the company's business. In return for those efforts, Damon was to issue $1.6-million worth of stock to Mr. DeFrancesco personally and $1.6-million to a company called DeFrancesco Motor Sport, the suit states. The shares were to be issued as soon as possible, Mr. DeFrancesco says.

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