Hyzon Announces Stockholder Approval of Assignment Proposal and Dissolution Proposal
Hyzon Motors, a hydrogen fuel cell system manufacturer, announced that stockholders have approved two critical proposals at a special meeting on March 25, 2025. The first proposal authorizes the transfer of substantially all company assets through an assignment for creditor benefit, while the second approves the company's liquidation and dissolution.
The proposals, initially announced on December 20, 2024, received approximately 56% approval from the voting power of outstanding Class A common stock and Series A Preferred Stock holders, surpassing the required majority threshold. The voting record date was set for February 28, 2025.
While the company plans to proceed with the assignment for creditors' benefit in the near future, the exact timing of the assignment and subsequent dissolution will be determined by the Board, with no guarantee of occurrence. This decision marks a significant turning point for the zero-emission power technology developer focused on industry decarbonization.
Hyzon Motors, un produttore di sistemi a celle a idrogeno, ha annunciato che gli azionisti hanno approvato due proposte cruciali in un incontro straordinario del 25 marzo 2025. La prima proposta autorizza il trasferimento di quasi tutti i beni aziendali attraverso un'assegnazione a beneficio dei creditori, mentre la seconda approva la liquidazione e la dissoluzione dell'azienda.
Le proposte, annunciate inizialmente il 20 dicembre 2024, hanno ricevuto circa il 56% di approvazione dal potere di voto degli azionisti delle azioni ordinarie di Classe A e delle azioni privilegiate di Serie A, superando la soglia di maggioranza richiesta. La data di registrazione per il voto è stata fissata per il 28 febbraio 2025.
Sebbene l'azienda preveda di procedere con l'assegnazione a beneficio dei creditori nel prossimo futuro, il momento esatto dell'assegnazione e della successiva dissoluzione sarà determinato dal Consiglio, senza alcuna garanzia di attuazione. Questa decisione segna un importante punto di svolta per lo sviluppatore di tecnologie energetiche a zero emissioni focalizzato sulla decarbonizzazione dell'industria.
Hyzon Motors, un fabricante de sistemas de celdas de hidrógeno, anunció que los accionistas han aprobado dos propuestas críticas en una reunión extraordinaria el 25 de marzo de 2025. La primera propuesta autoriza la transferencia de casi todos los activos de la empresa a través de una cesión en beneficio de los acreedores, mientras que la segunda aprueba la liquidación y disolución de la empresa.
Las propuestas, anunciadas inicialmente el 20 de diciembre de 2024, recibieron aproximadamente un 56% de aprobación del poder de voto de los accionistas de las acciones ordinarias de Clase A y de las acciones preferentes de Serie A, superando el umbral de mayoría requerido. La fecha de registro para el voto se fijó para el 28 de febrero de 2025.
Aunque la empresa planea proceder con la cesión en beneficio de los acreedores en un futuro cercano, el momento exacto de la cesión y la posterior disolución será determinado por la Junta, sin garantía de que ocurra. Esta decisión marca un punto de inflexión significativo para el desarrollador de tecnologías de energía cero emisiones centrado en la descarbonización de la industria.
Hyzon Motors, 수소 연료 전지 시스템 제조업체,는 2025년 3월 25일 특별 회의에서 주주들이 두 가지 중요한 제안을 승인했다고 발표했습니다. 첫 번째 제안은 채권자 혜택을 위한 양도를 통해 회사 자산의 대부분을 이전하는 것을 승인하며, 두 번째 제안은 회사의 청산 및 해산을 승인합니다.
이 제안들은 2024년 12월 20일에 처음 발표되었으며, 클래스 A 보통주 및 시리즈 A 우선주 보유자들의 투표권 중 약 56%의 승인을 받았고, 요구되는 다수결 기준을 초과했습니다. 투표 기록일은 2025년 2월 28일로 설정되었습니다.
회사는 가까운 미래에 채권자 혜택을 위한 양도를 진행할 계획이지만, 양도 및 이후의 해산 시점은 이사회에 의해 결정되며, 발생 보장은 없습니다. 이 결정은 산업의 탈탄소화에 중점을 둔 제로 배출 전력 기술 개발자에게 중요한 전환점을 나타냅니다.
Hyzon Motors, un fabricant de systèmes à hydrogène, a annoncé que les actionnaires ont approuvé deux propositions cruciales lors d'une assemblée extraordinaire le 25 mars 2025. La première proposition autorise le transfert de presque tous les actifs de l'entreprise par le biais d'une cession au bénéfice des créanciers, tandis que la seconde approuve la liquidation et la dissolution de l'entreprise.
Les propositions, annoncées initialement le 20 décembre 2024, ont reçu environ 56% d'approbation du pouvoir de vote des détenteurs d'actions ordinaires de Classe A et d'actions privilégiées de Série A, dépassant le seuil de majorité requis. La date d'enregistrement pour le vote a été fixée au 28 février 2025.
Bien que l'entreprise prévoit de procéder à la cession au bénéfice des créanciers dans un avenir proche, le moment exact de la cession et de la dissolution subséquente sera déterminé par le Conseil, sans garantie de réalisation. Cette décision marque un tournant significatif pour le développeur de technologies énergétiques à zéro émission axé sur la décarbonisation de l'industrie.
Hyzon Motors, ein Hersteller von Wasserstoff-Brennstoffzellensystemen, gab bekannt, dass die Aktionäre am 25. März 2025 auf einer außerordentlichen Sitzung zwei wichtige Vorschläge genehmigt haben. Der erste Vorschlag genehmigt die Übertragung von nahezu allen Unternehmensvermögen durch eine Abtretung zum Nutzen der Gläubiger, während der zweite die Liquidation und Auflösung des Unternehmens genehmigt.
Die Vorschläge, die ursprünglich am 20. Dezember 2024 angekündigt wurden, erhielten etwa 56% Zustimmung von den Stimmrechten der ausstehenden Stammaktien der Klasse A und der Vorzugsaktien der Serie A, und übertrafen damit die erforderliche Mehrheit. Der Stichtag für die Stimmabgabe wurde auf den 28. Februar 2025 festgelegt.
Obwohl das Unternehmen plant, in naher Zukunft mit der Abtretung zum Nutzen der Gläubiger fortzufahren, wird der genaue Zeitpunkt der Abtretung und der anschließenden Auflösung vom Vorstand festgelegt, ohne dass eine Garantie für das Eintreten besteht. Diese Entscheidung markiert einen bedeutenden Wendepunkt für den Entwickler von emissionsfreier Energietechnologie, der sich auf die Dekarbonisierung der Industrie konzentriert.
- None.
- Company approved for complete dissolution and liquidation
- All company assets to be transferred to creditors
- Potential complete loss of shareholder value through dissolution process
Insights
Hyzon's announcement represents a terminal corporate event as shareholders have approved both the Assignment Proposal and Dissolution Proposal with 56% support. This decision authorizes the company to liquidate assets and wind down operations completely.
An assignment for the benefit of creditors (ABC) is a state-law alternative to federal bankruptcy proceedings that typically allows for more expedient asset disposition. In this process, Hyzon will transfer substantially all assets to an assignee who will liquidate them to satisfy creditor claims according to statutory priority.
For shareholders, this development carries severe negative implications. In liquidation scenarios, equity holders stand last in the repayment hierarchy, behind secured and unsecured creditors. Given Hyzon's current market capitalization of just
While the board retains discretion regarding implementation timing and could theoretically reverse course, the shareholder approval marks a definitive step toward company dissolution. The formal wind-down process typically results in delisting from exchanges and eventual corporate extinction.
This shareholder vote represents a decisive governance milestone in Hyzon's corporate lifecycle. With the required majority threshold achieved (56% of voting power), the board now has the formal authorization to proceed with both the asset assignment and company dissolution processes.
The board's December 2024 recommendation of these proposals and subsequent shareholder approval indicate a thorough evaluation of strategic alternatives concluded with the determination that orderly liquidation represents the most appropriate path forward. Such decisions typically follow exhaustion of financing options, strategic sale possibilities, and operational turnaround attempts.
The disclosure notes the board maintains discretion regarding implementation timing and could potentially abandon or modify these plans. However, this standard legal language should not be misinterpreted as signaling hesitation – shareholder approval of dissolution typically represents an irreversible inflection point in a company's existence.
For hydrogen industry observers, Hyzon's dissolution removes a U.S.-based fuel cell system manufacturer from the competitive landscape. The company had positioned itself in the zero-emission power sector targeting industrial decarbonization, but will now discontinue these efforts as it proceeds through the dissolution process.
Approval of the Assignment Proposal and the Dissolution Proposal required the affirmative vote by holders of a majority of the voting power of the outstanding shares of the Company's Class A common stock and Series A Preferred Stock entitled to vote on the proposals. Approximately
The Company currently plans to make an assignment for the benefit of creditors in the near future and at the appropriate time, though the timing of an assignment and subsequent dissolution will be determined by the Board and may not occur at all.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute forward-looking statements. The words "expect," "intend," "continue," "potential," "may," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include, but are not limited to, statements concerning the amounts that will need to be set aside by the Company; the adequacy of such reserves to satisfy the Company's obligations; unresolved contingent liabilities of the Company; the amount of proceeds that might be realized from the sale or other disposition of the Company's primary assets; the incurrence by the Company of expenses relating to the Assignment and Dissolution; and the ability of the Board to abandon, modify or delay implementation of the Assignment and Dissolution prior to filing the certificate of dissolution. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including those risks, uncertainties and other factors that could cause actual results to differ from the results in these forward-looking statements are discussed under the section "Risk Factors" in the proxy statement that was filed with the SEC in connection with the Assignment and Dissolution, as supplemented (the "Proxy Statement"). Please carefully consider these factors, as well as other information contained in the Proxy Statement, and in the Company's periodic reports and documents filed with the SEC. The forward-looking statements included in this document are made only as of the date hereof.
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SOURCE Hyzon Motors Inc.
FAQ
What percentage of Hyzon (HYZN) stockholders approved the dissolution proposal in March 2025?
When did Hyzon Motors first announce its plan for dissolution to stockholders?
What are the two main proposals approved by HYZN stockholders in March 2025?
Is there a guaranteed timeline for Hyzon's dissolution process?
