Hyzon Motors faces Nasdaq delisting over low stock price.
Hyzon Motors Inc (NASDAQ:HYZN)., a manufacturer of electric industrial apparatus, is facing delisting from the Nasdaq Capital Market after failing to meet the minimum bid price requirement, according to a recent 8-K filing with the Securities and Exchange Commission. The company’s common stock has closed below $1.00 per share over the past 30 consecutive business days, violating Nasdaq’s Listing Rule 5450(a)(1).
On Monday, Hyzon received a notice from Nasdaq indicating that the bid price for the company’s common stock had closed below $0.10 per share for a 10-consecutive trading day period, triggering the Low Priced Stocks Rule. This led to Nasdaq’s determination to delist the company’s common stock.
The company, which had previously transitioned its listing from the Nasdaq Global Select Market to the Nasdaq Capital Market on July 25, 2024, was initially given until July 22, 2024, to regain compliance. An additional 180-day compliance period was later granted, extending the deadline to January 21, 2025.
Hyzon intends to appeal the delisting decision and will present a plan to the Nasdaq Hearings Panel, including a potential reverse stock split, contingent on shareholder approval at the annual meeting scheduled for August 21, 2024. However, there is no certainty that the Panel will grant a compliance period or that Hyzon will achieve compliance with the listing requirements.
The 8-K filing also includes forward-looking statements about the company’s plans to address its capital structure and liquidity needs. These statements are subject to various risks and uncertainties that could affect the company’s ability to continue as a going concern.
The information in this article is based on a press release statement.
In other recent news, Hyzon Motors Inc. reported significant developments in its second quarter 2024 earnings call. The company, a major player in the heavy mobility fuel cell sector, outlined a strategic shift towards the North American market, specifically targeting Class 8 and refuse vehicle segments. This change in focus has led to the launch of a 200-kilowatt fuel cell truck trial, which has received initial positive feedback and sparked plans for further commercial agreements.
Despite a Q2 2024 revenue of just $0.3 million, Hyzon remains optimistic about the future, especially given advancements in fuel cell technology and commercial interest in stationary power applications. The company has raised $4.5 million to extend its financial runway and improve stock liquidity, with cash, cash equivalents, and short-term investments totaling $55.1 million as of June 30, 2024.
These recent developments come as Hyzon halts operations in the Netherlands and Australia to focus on North American markets. The company also anticipates signing new large fleet commercial agreements and aims to decrease its average monthly net cash burn to about $6.5 million by year-end. These plans and projections were provided by the company and are not the product of independent analysis or speculation.
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Hyzon Motors faces Nasdaq delisting over low stock price. source
