Hyliion Holdings Announces $20 Million Stock Repurchase Program
December 20 2023 - 8:30AM
Business Wire
Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable
electricity producing technology, today announced that its Board of
Directors has authorized a stock repurchase program of up to $20
million of the Company’s issued and outstanding common stock, par
value $0.001 per share.
“The initiation of a stock repurchase program underscores our
confidence in the potential of KARNO’s innovative generator
technology and in our ability to complete development and delivery
of initial units next year,” stated Thomas Healy, Founder and CEO
of Hyliion. “Our strong capital position affords us the opportunity
to further enhance value for our shareholders, particularly at a
time when we believe the market has yet to fully value the
Company’s potential.”
Hyliion recently announced that it is winding down its
powertrain operations while concentrating future efforts on
development of the KARNO generator. The Company reported $324
million of cash and investments at the end of September 2023 and
projected a year-end balance of approximately $285 million after
completing most powertrain wind down activities. Hyliion expects to
begin initial paid deployments of the KARNO generator in late 2024
and projects cash spending of approximately $40 million for the
year.
Repurchases of shares of common stock under the stock repurchase
program will be made in the open market and in accordance with
applicable securities laws. The stock repurchase program does not
obligate the Company to acquire any particular amount of common
stock, and it may be suspended or terminated without notice at any
time at the Company’s discretion.
About Hyliion
Hyliion is committed to creating innovative solutions that
enable clean, flexible and affordable electricity production. The
Company’s primary focus is to provide distributed power generators
that can operate on various fuel sources to future-proof against an
ever-changing energy economy. Headquartered in Austin, Texas, and
with research and development in Cincinnati, OH, Hyliion is
addressing the commercial space first with a locally-deployable
generator that can offer prime power, peak shaving, and renewables
matching. Beyond stationary power, Hyliion will address mobile
applications such as vehicles and marine. The KARNO generator is a
fuel- agnostic solution, enabled by additive manufacturing, that
leverages a linear heat generator architecture. The Company aims to
offer innovative, yet practical solutions that contribute
positively to the environment in the energy economy. For further
information, please visit www.hyliion.com.
Forward-Looking Statements
The information in 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,
regarding Hyliion and its future financial and operational
performance, as well as its strategy, future operations, estimated
financial position, estimated revenues, and losses, projected
costs, prospects, plans and objectives of management are forward
looking statements. When used in this press release, including any
oral statements made in connection therewith, 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, Hyliion expressly disclaims any duty to update
any forward-looking statements, all of which are expressly
qualified by the statements herein, to reflect events or
circumstances after the date of this press release. Hyliion
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 Hyliion. These
risks include, but are not limited to, our status as an early stage
the Company with a history of losses, and our expectation of
incurring significant expenses and continuing losses for the
foreseeable future; our ability to develop to develop key
commercial relationships with suppliers and customers; our ability
to retain the services of Thomas Healy, our Chief Executive
Officer; the expected performance of the KARNO generator and
system; the execution of the strategic shift from our powertrain
business to our KARNO business, and the other risks and
uncertainties described under the heading “Risk Factors” in our SEC
filings including in our Annual Report (See item 1A. Risk Factors)
on Form 10-K filed with the Securities and Exchange Commission (the
“SEC”) on February 28, 2023 for the year ended December 31, 2022
and Form 10-Q filed with the SEC on November 8, 2023 for the
quarterly period ended September 30, 2023. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Should one or more of the risks or
uncertainties described in this press release occur, 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 Hyliion’s operations and
projections can be found in its filings with the SEC. Hyliion’s SEC
Filings are available publicly on the SEC’s website at www.sec.gov,
and readers are urged to carefully review and consider the various
disclosures made in such filings.
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Hyliion Holdings Corp. press@hyliion.com
Investor Relations ir@hyliion.com
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