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BOLINGBROOK, Ill. - Hyzon Motors Inc (NASDAQ:HYZN)., a U.S. manufacturer of hydrogen fuel cell systems, announced its intention to delist its Class A common stock and publicly-traded warrants from the Nasdaq Capital Market. The company expects to file the necessary paperwork for delisting with the Securities and Exchange Commission (SEC) and Nasdaq around March 4, 2025, with the delisting becoming effective 10 days post-filing.
The company’s common stock is anticipated to subsequently trade on the Over-The-Counter (OTC) market operated by OTC Markets Group Inc., although there is no guarantee that trading on the OTC will occur.
This move follows a notification from Nasdaq on January 23, 2025, which stated that Hyzon’s securities would be delisted due to the company’s Plan of Dissolution and associated public interest concerns. Trading of the company’s securities was suspended on Nasdaq as of the start of business on January 30, 2025.
Hyzon’s Board of Directors has also decided to deregister the company with the SEC, believing that the delisting and deregistration align with the best interests of the company and its stockholders. This decision was influenced by the potential to reduce significant costs related to SEC reporting requirements, legal and audit expenses, and the administrative burden under the Sarbanes-Oxley Act, SEC rules, and Nasdaq listing standards.
The company, which specializes in zero-emission power for heavy-duty commercial vehicles and other demanding industries, is currently asking its stockholders to approve the Plan of Dissolution at a Special Meeting of Stockholders to be reconvened on February 27, 2025.
The information regarding Hyzon’s delisting and deregistration plans, as well as its expected move to OTC trading, is based on a press release statement from the company.
In other recent news, Hyzon Motors Inc. is set to be delisted from the Nasdaq Stock Market following its proposed Plan of Dissolution, pending stockholder approval at a special meeting. This decision comes amid Hyzon’s announcement to liquidate its Shanghai subsidiary, which is expected to incur approximately $1 million in employee-related charges. The company is also experiencing financial challenges, with a significant reduction in cash reserves, now standing at approximately $14 million as of December 20, 2024. Hyzon Motors is exploring strategic options and funding transactions to address its liquidity needs, although no assurances have been made regarding the outcomes of these efforts.
Additionally, Hyzon Motors has approved retention incentives for key executives and employees to support its restructuring process. These incentives amount to approximately $0.2 million for the named executives, with a portion payable immediately and the remainder upon completion of the retention period. In a positive development, Hyzon has received an order for two Fuel Cell Electric Trucks from South San Francisco Scavenger Co., contingent on applicable subsidies. This marks Hyzon’s second order in the refuse collection segment, following an earlier order by GreenWaste. These developments are based on the latest press release statements and SEC filings from Hyzon Motors.
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