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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 14, 2024
SUNHYDROGEN, INC.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
000-54437 |
|
26-4298300 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
BioVentures
Center, 2500 Crosspark Road
Coralville, IA 52241
(Address
of principal executive offices and Zip Code)
Registrant’s
telephone number, including area code: (805) 966-6566
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
| Not
applicable |
|
Not
applicable |
|
Not
applicable |
Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§240.12b2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
October 14, 2024, the Board of Directors (the “Board”) of SunHydrogen, Inc. (the “Company”) appointed David W.
Raney as director, effective immediately. Mr. Raney will serve as a member of the Board until his successor is elected and qualified
or until his earlier death, resignation or removal.
Mr.
Raney, age 70, most recently founded and served as chief executive officer of the Texas Hydrogen Alliance (“Alliance”), a
non-profit trade organization that brings together policymakers, regulators, industry leaders and innovators to advocate for policies
that advance the hydrogen economy, from 2022 to 2023. He currently serves as Executive Director Emeritus of Alliance. Prior to that,
Mr. Raney served as a corporate executive for Toyota Motor North America from 2014 to 2021. Mr. Raney holds over 40 years of experience
in the transportation industry, where he routinely served as a technical liaison between corporate R&D and executive teams and environmental
and safety federal and state government regulators. Namely, he has held leadership roles at prominent automotive companies such as Deere
& Company, Saab-Scania of America, General Motors, American Honda Motor Company and Toyota Motor North America.
The
Board has concluded that Mr. Raney is qualified to serve on the Board because of his robust knowledge of alternative fuel regulation
and emerging alternative fuel technologies, including battery and fuel cell electric vehicles and renewable hydrogen. Mr. Raney’s
expertise is directly transferable to the Company’s business plan and scale-up efforts for its green hydrogen technology.
Mr.
Raney will be eligible to receive compensation for his service as a director that is approved by the Board from time to time and will
receive an initial grant of stock options to purchase ten million shares of the Company’s common stock (the “Stock Options”).
The Stock Options will be subject to the terms and conditions of the Company’s 2022 Equity Incentive Plan and a stock option agreement.
There
are no arrangements or understandings between Mr. Raney and any other persons pursuant to which Mr. Raney was appointed director of the
Company, and there are no family relationships between Mr. Raney and any director or executive officer of the Company.
Mr.
Raney has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K
promulgated under the Securities Exchange Act of 1934, as amended, nor are any such transactions currently proposed.
Item
7.01 Regulation FD Disclosure.
On
October 15, 2024, the Company issued a press release announcing the appointment of Mr. Raney. A copy of the press release is furnished
herewith as Exhibit 99.1 and is incorporated by reference herein.
In
accordance with General Instruction B.2 of Form 8-K, the information under this item shall not be deemed filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will
not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation
FD.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
SUNHYDROGEN, INC. |
| |
|
| Date: October 18, 2024 |
/s/ Timothy
Young |
| |
Timothy Young |
| |
Chief Executive Officer |
2
Exhibit 99.1
SunHydrogen Announces Appointment of Former Honda Executive David
Raney to Board of Directors
CORALVILLE, IA , Oct. 15, 2024 - SunHydrogen, Inc. (OTCQB: HYSR), the
developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today announced the appointment of David
Raney to the SunHydrogen Board of Directors.
Mr. Raney holds over 40 years of experience in the transportation industry,
where he routinely served as a technical liaison between corporate R&D and executive teams and environmental and safety federal and
state government regulators. Namely, he has held leadership roles at prominent automotive companies such as Deere & Company, Saab-Scania
of America, General Motors, American Honda Motor Company and Toyota Motor North America.
With a robust knowledge of alternative fuel regulation and emerging
alternative fuel technologies, including battery and fuel cell electric vehicles and renewable hydrogen, Mr. Raney’s expertise is
directly transferable to SunHydrogen’s business plan and scale-up efforts for its green hydrogen technology.
Mr. Raney formally retired in 2023, his career culminating with the
founding of the Texas Hydrogen Alliance, a non-profit trade organization that brings together policymakers, regulators, industry
leaders and innovators to advocate for policies that advance the hydrogen economy. Today, he serves as Executive Director Emeritus at
the Alliance.
“We are thrilled to welcome David Raney to our Board of Directors,”
said SunHydrogen’s CEO Tim Young. “His extensive background in transportation and energy regulation – along with his
specific commitment to hydrogen – position him as a key asset to SunHydrogen.”
About SunHydrogen, Inc.
SunHydrogen is developing breakthrough technologies to make, store
and use green hydrogen in a market that Goldman Sachs estimates to be worth $12 trillion by 2050. Our patented SunHydrogen Panel technology,
currently in development, uses sunlight and any source of water to produce low-cost green hydrogen. Like solar panels that produce electricity,
our SunHydrogen Panels will produce green hydrogen. Our vision is to become a major technology supplier in the new hydrogen economy.
By developing, acquiring and partnering with other critical technologies, we intend to enable a future of emission-free hydrogen production
for all industrial applications such as fertilizer and petroleum refining as well as fuel cell applications for mobility and data centers.
To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.
Safe Harbor Statement
Matters discussed in this press release
may contain forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,”
“may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements
contained herein. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks
and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s
reports filed with the Securities and Exchange Commission. Forward-looking statements contained herein are applicable only as of the
date on which they are made, and the Company does not assume any obligation to update any forward-looking statements, except as may be
required under applicable law.
Press Contact
info@sunhydrogen.com
v3.24.3
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