Written by Cláudio Afonso | LinkedIn | X
Hyzon Motors, the hydrogen fuel cell EV manufacturer, received a “delisting determination” from the Nasdaq Stock Exchange on Wednesday after its share price closed below $0.10 for ten consecutive trading days, breaking Nasdaq listing rules.
The stock closed at $0.06 on Wednesday and has lost 93% of its value since the beginning of the year. The company went public via a merger with a publicly traded special purpose acquisition company, or SPAC, in July 2021.
As recently happened to the EV maker Fisker, the stock will now trade in the OTC market as it tries to reduce operating costs and seek funding. Hyzon has just stopped its operations in the Netherlands and Australia markets as a cost-saving measure.
Last September, the U.S. Securities and Exchange Commission said it settled fraud charges against Hyzon Motors of misleading investors about its business relationships and vehicle sales before and after going public.
At the time, the former CEO Craig Knight and Max Holthausen, former managing director of Hyzon’s European subsidiary, were charged by the SEC for participating in the fraudulent scheme.
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Written by Cláudio Afonso | LinkedIn | X
The post Hydrogen Truck Maker Hyzon Motors to Be Delisted, Stock Trades at $0.06 first appeared on EV.