HYZON MOTORS RECEIVES EXTENSION FROM NASDAQ FOR CONTINUED LISTING ON EXCHANGE

Rhea-AI Summary

On April 3, 2023, Hyzon Motors (NASDAQ: HYZN) announced that the Nasdaq Hearings Panel approved its request for an extension to maintain its listing on The Nasdaq Capital Market until May 15, 2023. This extension follows a hearing on March 16, 2023, where Hyzon presented its plan to regain compliance with Nasdaq's Periodic Filing Rule. The company must file all overdue reports with the U.S. Securities and Exchange Commission by the deadline. Failure to comply could lead to delisting, negatively impacting shareholders and the company’s market presence.

Positive

• Hyzon received an extension to continue its listing on Nasdaq until May 15, 2023.
• The approval followed a comprehensive compliance plan presented by Hyzon.

Negative

• Hyzon risks delisting from Nasdaq if it fails to file overdue reports by the deadline.
• The ongoing compliance issues highlight potential operational and regulatory challenges.

ROCHESTER, N.Y., April 3, 2023 /PRNewswire/ -- Hyzon Motors Inc. (NASDAQ: HYZN), a global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced that on March 31, 2023, the Nasdaq Hearings Panel granted Hyzon's request for continued listing of its securities on The Nasdaq Capital Market until May 15, 2023, in order to allow Hyzon time to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the "Periodic Filing Rule").

The extension was granted following a hearing on March 16, 2023, in which Hyzon presented its comprehensive plan to regain compliance and requested the continued listing of its securities on The Nasdaq Capital Market pending such compliance.

The extension is subject to the condition that on or before May 15, 2023, Hyzon Motors will file all delinquent reports with the U.S. Securities and Exchange Commission (SEC), in compliance with the Periodic Filing Rule.

About Hyzon
Hyzon is a global supplier of fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, Australia, and China. 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's mission is to supply zero-emission heavy duty trucks to customers in North America, Europe and around the world to mitigate emissions from diesel transportation - one of the single largest sources of carbon emissions globally. The Company is contributing to the adoption of fuel cell electric vehicles through its demonstrated technology advantage, 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 "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/A for the year ended December 31, 2021 filed with the SEC on March 14, 2023, 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.  In particular, no assurances can be made regarding Hyzon's ability to timely regain compliance with the Periodic Filing Rule described above. If Hyzon is unsuccessful in timely regaining compliance with the Periodic Filing Rule, Hyzon's securities may be delisted from The Nasdaq Capital Market, which could have a material adverse impact on Hyzon.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hyzon-motors-receives-extension-from-nasdaq-for-continued-listing-on-exchange-301788821.html

SOURCE Hyzon Motors Inc.

FAQ

What is the latest news about Hyzon Motors (HYZN) regarding Nasdaq compliance?

On April 3, 2023, Hyzon Motors announced it received an extension from Nasdaq until May 15, 2023, to regain compliance with the Periodic Filing Rule.

What deadlines does Hyzon Motors (HYZN) face for Nasdaq listing compliance?

Hyzon must file all delinquent reports with the U.S. Securities and Exchange Commission by May 15, 2023.

What could happen if Hyzon Motors (HYZN) fails to regain Nasdaq compliance?

If Hyzon fails to meet the compliance deadline, its securities may be delisted from Nasdaq, adversely affecting shareholders.