ROCHESTER, N.Y.,
Sept. 26,
2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon or the
company) (NASDAQ: HYZN), a high-power hydrogen fuel cell
technology developer and global supplier of zero-emission
heavy-duty fuel cell electric vehicles, today announced a final
resolution of the investigation by the U.S. Securities and Exchange
Commission (SEC), subject to court approval. The investigation was
previously reported by the company on its Current Report on Form
8-K on January 12, 2022, and updated
in its Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Report on
Form 10-Q for the quarter ended June 30,
2023.
"Hyzon is pleased to put this chapter behind us, and continue
our disciplined execution of operational milestones including
commercial vehicle deployments and fuel cell technology
developments," said Hyzon Motors' Chief Executive Officer (CEO)
Parker Meeks. "With a strengthened
Board of Directors and leadership team, a streamlined product
offering, and a rationalized geographic footprint, we look forward
to accelerating the hydrogen industry."
Without admitting or denying the allegations in the SEC's
complaint, Hyzon has agreed to pay a civil monetary penalty of
$25 million in three installments:
$8.5 million within 30 days of entry
of final judgment; $8.5 million by
December 31, 2024; and $8 million within 730 days of entry of final
judgment. In the second quarter of 2023, Hyzon accrued a
$22 million loss contingency, based
upon management's assessment of the SEC investigation.
Also named in the SEC's complaint were Craig Knight, the company's former CEO and a
former director, and Max C.B.
Holthausen, a former managing director of the company's
European subsidiary, Hyzon Motors Europe B.V. Knight and Holthausen
also separately consented to the entry of final judgments, subject
to court approval, resolving the SEC's allegations.
Further, former CEO Knight and Mark
Gordon, Hyzon's former Chief Financial Officer and a former
director, have voluntarily returned $252,000 and $122,500, respectively, to Hyzon relating to
certain incentive compensation that the company previously paid
them.
Further details regarding the resolution can be found in the
SEC's complaint and proposed final judgments, which are publicly
available.
About Hyzon
Hyzon Motors is a global supplier of
high-power fuel cell technology focused on integrating its
solutions into zero-emission heavy-duty fuel cell electric
vehicles. Utilizing its proven and proprietary hydrogen fuel cell
technology, Hyzon aims to supply zero-emission heavy duty trucks to
customers in North America,
Europe, Australia, and New
Zealand to mitigate emissions from diesel transportation -
one of the single largest sources of global carbon emissions. Hyzon
collaborates with partners across the hydrogen value chain to bring
clean hydrogen to the market to support fuel cell vehicle
deployments. Hyzon 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 "aims", "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, including
statements about the adoption of liquid hydrogen powered fuel cell
electric vehicles, the viability of on-board liquid hydrogen to
fuel long-distance, zero-emission transport and comparisons to
diesel truck range requirements, 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" sections of Hyzon's Form 10-K for the year ended
December 31, 2022 filed with the SEC
on May 31, 2023, Form 10-Q for the
quarter ended June 30, 2023 filed on
August 8, 2023, and in 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,
such as risks related to the ability to convert non-binding
memoranda of understanding or vehicle trial agreements into binding
orders or sales (including because of the current or prospective
financial resources of the counterparties to Hyzon's non-binding
memoranda of understanding and letters of intent), or the ability
to identify additional potential customers and convert them to
paying customers. Hyzon gives no assurance that Hyzon will achieve
its expectations.
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SOURCE Hyzon Motors Inc.