
Hyzon Motors (HZYN) continues its efforts to avoid a Nasdaq delisting. The latest company announcement says it has received approval from the Nasdaq Stock Market to transfer its listing to the Nasdaq Capital Market from The Global Select Market.
This latest move means the company is eligible for a 180-day calendar extension - until January 21, 2025 - to regain compliance with the Bid Price Rule.
Hyzon, a global fuel technology supplier and vehicle manufacturer, said earlier this month that it had entered into a securities purchase agreement with investors for the purchase and sale of 22.5 million shares of its Class A stock and warrants to purchase 22.5 million shares of its common stock. This is a combined offering price of $0.20 per share.
Prior to receiving the extension, Hyzon provided Nasdaq officials with its "written intention to cure the bid price deficiency during this second compliance period, by effecting a reverse stock split, if necessary."
Hyzon's Class A common stock and warrants were transferred to the Nasdaq Capital Market and began trading on July 25, 2024.
The company has been facing financial challenges over the past few months. It is continuing serious efforts to regain financial health and long-term stability.
The New York-based company first announced plans to realign its core business strategies in order to refocus efforts on its North American operations and the refuse industry. A potential company sale was also being considered at the time.
A week later, Hyzon confirmed it is halting operations in the Netherlands and Australia.
Hyzon's U.S. offices are in Rochester, Chicago, and Detroit. It also has facilities in China and Germany.
Earlier this year, Hyzon avoided delisting from the Nasdaq after its shares traded at less than $1 for over 30 consecutive business days.
In 2023, it posted a $184 million net loss and had a $34.23 million net loss for the first quarter of this year. As of March 31, Hyzon confirmed it had $52.4 million in cash and cash equivalents on hand.