Hyzon Motors’ shares fall in premarket as SEC sends it a subpoena

In premarket trading, Hyzon Motors Inc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel cell electric vehicles, fell 10% after the company announced that it had received a subpoena from the Securities and Exchange Commission (SEC) requiring the production of documents and information.

As of 07:40 AM EST, the HYZN share was worth $6.08, a loss of $0.65, and a 10% decline. On Tuesday, the stock closed trading at $6.81, gained $0.56, and rose more than 8%. The Company’s market capitalization was $1.68 billion, based on a volume of 2,498,663 tradable shares. On July 19, 2021, it began trading publicly.

The request responds to allegations made in Blue Orca Capital’s report. The EV manufacturer has stated that it is working with the SEC.

The following are a couple of crucial snippets from the Blue Orca report, which was released on September 28.

“In our opinion, Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told us they are not really a customer.”

“Hyzon is just a repackaging of its parent company, Horizon, a Chinese hydrogen fuel cell business that recently delisted from the Chinese OTC market in March 2021 at an enterprise value of just $190 million. Horizon has been trying to sell its fuel cell technology for years, without meaningful success.”

In response to the allegations, Hyzon (HYZN) issued a brief statement in September pointing out factual inaccuracies.

Additionally, Hyzon Motors announced today that 87 fuel cell-powered heavy-duty vehicles would be delivered in 2021 under commercial sales agreements. Trial leases are not included in these deliveries.

Shipments in 2021 exceeded the Company’s forecast of 85 fuel cell vehicle deliveries in February 2021, before the deteriorating global supply chain seriously affected the production plans of both zero-emission and traditional vehicle suppliers.

“Thank you to all of our customers, employees, suppliers, shareholders, and supporters who helped us battle the global supply chain headwinds and better the expectations for 2021 deliveries. Each truck Hyzon supplies around the world is another step towards decarbonizing commercial mobility. As Hyzon completes compliance and homologation requirements for vehicles in North America and Australasia, government support for hydrogen steadily grows, and commercial understanding of fuel cell electric vehicles’ unique suitability for heavy transport increases. Hyzon aims to make 2022 a watershed year for hydrogen in heavy mobility.”

Hyzon CEO and Co-Founder Craig Knight

Company Profile

Hyzon, headquartered in Rochester, New York, has U.S. operations in Chicago and Detroit and international operations in the Netherlands, Singapore, Australia, and China. George Gu is the executive chairman, and founder of HYZON Motors Hyzon is a pure-play hydrogen mobility company focused solely on the commercial vehicle market.

It aims to supply zero-emission heavy-duty trucks and buses to customers in North America, Europe, and worldwide by leveraging its proven and proprietary hydrogen fuel cell technology. Through its demonstrated technological advantage, leading fuel cell performance, and history of rapid innovation, the Company, contributes to the increasing adoption of hydrogen vehicles.

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