Hyzon Motors to liquidate assets after shareholder vote

BOLINGBROOK, Ill. - Hyzon Motors Inc., a hydrogen fuel cell system manufacturer based in the United States, has received approval from its stockholders to proceed with the liquidation and dissolution of the company. The development marks a significant shift in the alternative energy transportation sector, where hydrogen fuel cell technology continues to face both opportunities and challenges. For comprehensive analysis of the clean energy transportation sector and its key players, investors can access detailed industry reports and metrics through InvestingPro. This decision was reached during a special meeting held today, where stockholders voted in favor of both the transfer of company assets through an assignment for the benefit of creditors, known as the Assignment Proposal, and the company’s dissolution, referred to as the Dissolution Proposal.

The affirmative vote required the majority consent from holders of the company’s Class A common stock and Series A Preferred Stock. About 56% of the outstanding voting power, as recorded on February 28, 2025, supported each proposal.

Hyzon announced the board’s approval of the dissolution plan on December 20, 2024, and has since been seeking shareholder approval. The timing for the assignment and subsequent dissolution will be determined by the board and may not occur immediately.

The forward-looking statements in the press release about the company’s future plans, including potential proceeds from asset sales and the adequacy of reserves to satisfy obligations, are subject to various important factors and risks. These factors, along with other risks and uncertainties, could cause actual results to differ materially from those projected in the statements. Investors looking to better understand company risks and financial health indicators can leverage InvestingPro’s comprehensive risk assessment tools and financial health scores across more than 1,400 US stocks.

The company cautions that there are unresolved contingent liabilities and that the board retains the right to abandon, modify, or delay the implementation of the Assignment and Dissolution before filing the certificate of dissolution.

This news is based on a press release statement from Hyzon Motors Inc. and does not endorse any claims made by the company. The full implications of the stockholder vote and subsequent actions by the board will unfold over the coming period. To stay informed about developments in the alternative energy transportation sector and identify potential investment opportunities, explore the advanced screening tools and expert analysis available on InvestingPro’s Stock Screener.

In other recent news, Hyzon Motors Inc. has announced its intention to delist its Class A common stock and publicly-traded warrants from the Nasdaq Capital Market, aiming to trade on the Over-The-Counter (OTC) market. This decision follows a notification from Nasdaq regarding public interest concerns related to Hyzon’s Plan of Dissolution, which is subject to stockholder approval. The company’s Board of Directors has also decided to deregister with the SEC to reduce costs associated with SEC reporting and compliance. Additionally, Hyzon Motors is winding down its subsidiary in Shanghai, incurring approximately $1 million in employee-related charges expected in the fourth quarter of 2024.

The company has also introduced retention incentives for key executives to navigate through its restructuring process, with agreements involving executives like John Zavoli and John Waldron. These incentives, totaling approximately $0.2 million, are intended to retain critical staff during this transition. Hyzon’s strategic decisions, including liquidation plans, are detailed in recent SEC filings, which caution that actual outcomes may vary due to market conditions and other factors. Investors should be aware of the impending suspension and delisting from Nasdaq, as the company prepares for significant changes.

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