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