Hyliion Announces Results of Redemption of Public Warrants
January 07 2021 - 6:02PM
Business Wire
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 commercial vehicles,
today announced the successful exercise of the Public Warrants that
expired on December 30, 2020.
Transaction Highlights:
- Approximately $142 million in cash proceeds received upon
exercise of Public Warrants for approximately 12.5 million shares
of Common Stock
- Over 98.5% of the Public Warrants exercised prior to
expiration
“The successful exercise of these warrants and resulting capital
raised allows Hyliion to accelerate its investment in technology,
talent and infrastructure towards achieving the company’s mission,”
said Thomas Healy, Hyliion’s Chief Executive Officer. “This
incremental capital allows us to pursue additional partnerships and
M&A activity that we may not have considered previously.”
Hyliion’s mission is to become the leading powertrain provider
of electrified solutions for the commercial vehicle industry. The
results of the redemption are an important step along the
commercialization path for Hyliion as it continues executing
against reducing the carbon intensity and greenhouse gas (GHG)
emissions of the transportation sector.
“We see a tremendous number of opportunities in the
transportation sector that are ready to participate in this
electrification transformation,” said Healy. “Over the next year we
will explore additional technologies and business synergies that
could range from improving our existing solutions, renewable
natural gas expansion, hydrogen development, improved battery
solutions, expanding our product portfolio and more.”
With the redemption of the publicly traded warrants, Hyliion now
trades under one ticker symbol, HYLN, on the New York Stock
Exchange.
About Hyliion Holdings Corp.
Hyliion’s mission is to reduce the carbon intensity and GHG
emissions of commercial transportation Class 8 vehicles by being a
leading provider of electrified powertrain solutions. Leveraging
advanced software algorithms and data analytics capabilities,
Hyliion offers fleets an easy, efficient system to decrease fuel
and operating expenses while seamlessly integrating with their
existing fleet operations. Headquartered in Austin, Texas, it
designs, develops and sells electrified powertrain solutions that
are designed to be installed on most major Class 8 commercial
vehicles, with the goal of transforming the commercial
transportation industry’s environmental impact at scale. For more
information, visit www.hyliion.com.
Forward-Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “will,” forecast,” “intend,”
“seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. Such forward looking statements
include statements regarding Hyliion’s use of proceeds from the
warrant exercises, Hyliion’s ability to reduce carbon intensity and
GHG emissions of the transportation sector, and Hyliion’s
exploration of additional technologies and business synergies.
These forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information. Such forward-looking statements
are subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond Hyliion’s control
including risks of related to Hyliion’s ability to realize the
anticipated benefits of the business combination; the impact of
competition and the ability of Hyliion to grow and manage growth
profitably; unanticipated costs related to the business
combination; changes in applicable laws or regulations; and the
possibility that Hyliion may be adversely affected by other
economic, business, and/or competitive factors. Should one or more
of the risks or uncertainties described in this press release, or
should underlying assumptions prove incorrect, actual results and
plans could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in Hyliion’s filings with the
Securities and Exchange Commission (the SEC), which are available
publicly on the SEC’s website at www.sec.gov. Except as otherwise
required by applicable law, Hyliion 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210107005922/en/
For media inquiries: Mustafa Riffat / Jeremy Cohen
mustafa.riffat@edelman.com / jeremy.cohen@edelman.com
For Investor Relations inquiries: Bob Gujavarty
bob.gujavarty@hyliion.com
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