HYZON RECEIVES SECOND 180 CALENDAR DAY EXTENSION TO REGAIN COMPLIANCE WITH NASDAQ'S CONTINUED LISTING REQUIREMENT

Rhea-AI Summary

Hyzon (NASDAQ: HYZN), a U.S.-based manufacturer of hydrogen fuel cell systems, has received approval to transfer its listing from the Nasdaq Global Select Market to the Nasdaq Capital Market. The company has been granted a second 180-day extension until January 21, 2025, to regain compliance with Nasdaq's $1.00 minimum bid price requirement. Hyzon has expressed its intention to cure the bid price deficiency, potentially through a reverse stock split if necessary. The company's Class A common stock and warrants will begin trading on the Nasdaq Capital Market on July 25, 2024.

Positive

• Received approval to transfer listing to Nasdaq Capital Market
• Granted second 180-day extension to regain compliance with $1.00 minimum bid price requirement
• Additional time to potentially improve stock price and maintain Nasdaq listing

Negative

• Failure to meet Nasdaq's $1.00 minimum bid price requirement
• Potential need for a reverse stock split to maintain listing
• Risk of delisting if compliance is not achieved by January 21, 2025

Company to Begin Trading on the Capital Market at the Opening of Business on July 25, 2024

BOLINGBROOK, Ill., July 24, 2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or the Company), a U.S.-based manufacturer and global supplier of high-performance hydrogen fuel cell systems focused on providing zero-emission power to decarbonize the most demanding industries, today announced it has received approval from the listing qualifications staff of the Nasdaq Stock Market to transfer its listing to the Nasdaq Capital Market from the Global Select Market.

The Staff further indicated the Company is eligible for a second 180 calendar day extension to regain compliance with Nasdaq's continued listing requirement related to a $1.00 minimum bid price. The Company now has until January 21, 2025, to regain compliance with the Bid Price Rule. In connection with this listing transfer and second 180 calendar day extension, the Company provided Nasdaq with its written intention to cure the bid price deficiency during this second compliance period, by effecting a reverse stock split, if necessary.

The Company's Class A common stock and warrants will be transferred to the Nasdaq Capital Market and begin trading at the opening of business on July 25, 2024.

About Hyzon
Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon is focusing on deploying its fuel cell technology in heavy-duty commercial vehicles in Class 8 and refuse vehicles across North America. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include the Company's expectations, hopes, beliefs, intentions or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company's actual expectations to differ materially from these forward-looking statements include the Company's ability improve its capital structure; Hyzon's liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the possibility that Hyzon may need to seek bankruptcy protection; Hyzon's ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern; our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; and the other factors under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K, as supplemented by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.

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SOURCE Hyzon

FAQ

What is the new deadline for Hyzon (HYZN) to regain compliance with Nasdaq's minimum bid price requirement?

Hyzon (HYZN) has been granted an extension until January 21, 2025, to regain compliance with Nasdaq's $1.00 minimum bid price requirement.

When will Hyzon (HYZN) begin trading on the Nasdaq Capital Market?

Hyzon (HYZN) will begin trading on the Nasdaq Capital Market at the opening of business on July 25, 2024.

What action might Hyzon (HYZN) take to cure the bid price deficiency?

Hyzon (HYZN) has indicated that it may effect a reverse stock split, if necessary, to cure the bid price deficiency and maintain its Nasdaq listing.

From which Nasdaq market is Hyzon (HYZN) transferring its listing?

Hyzon (HYZN) is transferring its listing from the Nasdaq Global Select Market to the Nasdaq Capital Market.