HYZON MOTORS RECEIVES EXTENDED STAY OF DELISTING FROM NASDAQ

Rhea-AI Summary

Hyzon Motors Inc. (NASDAQ: HYZN) announced on February 22, 2023, that it received an extension from the Nasdaq Hearings Panel regarding its potential delisting. The extension allows Hyzon time to prepare for a compliance hearing scheduled for March 16, 2023, where the company will outline its plan to maintain its listing status under Nasdaq Listing Rule 5250(c)(1). Hyzon specializes in zero-emission heavy-duty fuel cell electric vehicles, emphasizing its commitment to eco-friendly transportation solutions.

Positive

• Received an extension for delisting, allowing time to present compliance plan.
• Scheduled hearing on March 16, 2023, offers a structured approach to retain Nasdaq listing.

Negative

• Potential delisting raises concerns about long-term viability and investor confidence.

ROCHESTER, N.Y., Feb. 22, 2023 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon" or the "Company") (NASDAQ: HYZN), a global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced that on February 17, 2023, it received a letter from the Nasdaq Hearings Panel (the "Hearings Panel") granting Hyzon's request to extend the stay of delisting pending the hearing before the Hearings Panel and a final determination regarding Hyzon's listing status.

Hyzon will appear before the Hearings Panel on March 16, 2023, where Hyzon will present its plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) and request the continued listing of its securities on The Nasdaq Capital Market, pending such compliance.

About Hyzon Motors

Hyzon is a global leader in fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, China, Australia, and Germany. Hyzon is an energy transition accelerator and technology innovator, providing end-to-end solutions in the transport sector with a focus on commercial vehicles and hydrogen supply infrastructure. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world to mitigate emissions from diesel transportation, which is one of the single largest sources of carbon emissions globally. The Company is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words "aim," "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyzon disclaims any duty to update any forward -looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Hyzon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyzon, including risks and uncertainties described in the "Risk Factors" section of Hyzon's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 30, 2022, our Amended Registration Statement on Form S-1 filed with the SEC on April 6, 2021, and other documents filed by Hyzon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Hyzon gives no assurances that Hyzon will achieve its expectations. 

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SOURCE Hyzon Motors Inc.

FAQ

What did Hyzon Motors announce on February 22, 2023?

Hyzon Motors announced it received an extension from the Nasdaq Hearings Panel regarding its delisting status.

When is Hyzon Motors' hearing with the Nasdaq Hearings Panel?

Hyzon Motors' hearing is scheduled for March 16, 2023.

What is the purpose of the Nasdaq Hearings Panel hearing for Hyzon Motors?

The purpose is for Hyzon to present its plan to regain compliance with Nasdaq's listing rules and request continued listing.

How does Hyzon Motors' potential delisting affect investors?

The potential delisting raises concerns about the company's long-term viability and impacts investor confidence.