Hyzon Motors Inc. (NASDAQ:HYZN), a manufacturer of electrical industrial apparatus with a market capitalization of approximately $13.4 million, announced today a significant amendment to its corporate structure. The company has increased its authorized shares of Class A common stock from 20 million to 120 million.
This change was filed with the Secretary of State of Delaware and took effect immediately on Friday. According to InvestingPro data, the stock has experienced significant volatility, with a 96% decline in value over the past year.
The decision to expand the authorized shares was made during a Special Meeting of Stockholders, which was previously detailed in a definitive proxy statement filed on November 12, 2024. The proposal received overwhelming support from the stockholders, with 2,968,538 votes for and 266,337 votes against, with only 6,906 abstentions.
Additionally, the stockholders approved a proposal allowing for the adjournment of the Special Meeting to solicit additional proxies if necessary. However, since the primary proposal passed, there was no need to adjourn.
This strategic move comes as Hyzon, with its focus on the development of hydrogen fuel cell technology for commercial vehicles, adapts to the shifting landscape of the automotive industry, which is increasingly moving towards sustainable energy sources.
The details of the amendment can be found in the Certificate of Amendment filed as an exhibit to Hyzon's current report on Form 8-K. This report, based on a press release statement, outlines the company's latest corporate governance changes and is available for public review.
In other recent news, Hyzon Motors has made significant strides in its hydrogen-powered Fuel Cell Electric Truck (FCET) trials, contributing to zero-emission technology advancements in the waste and recycling sector. The successful completion of these trials, held across various Californian locations, marks a pivotal step in environmental innovation.
Moreover, Hyzon Motors reported progress in the commercialization of its Class 8 fuel cell electric trucks and 200 kW single-stack fuel cell systems during its third quarter 2024 earnings call. Despite a net cash burn of $8.2 million, the company expects to reduce this figure by the year's end. The Bolingbrook facility, now producing 700 fuel cell systems annually, has received ISO 9001-2015 certification, indicating a commitment to quality and efficiency.
In addition, Hyzon secured North America's first contract for hydrogen-powered refuse trucks with GreenWaste, further cementing its position in the clean energy solutions market. The company's fuel cell electric trucks have reportedly outperformed competitors in weight, range, and performance, leading to negotiations for multiple contracts based on successful trials.
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