The board of Rochester, New York-based hydrogen fuel cell (FCEV) semi truck manufacturer Hyzon Motors (HYZN) quietly announced late last week that it voted to dissolve the company, upon shareholder approval, following several months of financial problems that included overseas office closures.
In a statement to the Nasdaq stock exchange, the company said that "On December 19, 2024, the Board of Directors of Hyzon Motors Inc. unanimously approved, subject to stockholder approval, (i) the transfer of all or substantially all of the Company's assets through an assignment for the benefit of creditors, and (ii) the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets."
The bad news didn't stop there.
Late last Friday, Hyzon issued a press release stating that every employee at its Troy, Michigan and Bolingbrook, Illinois offices might lose their jobs in February, citing its "inability to raise funding and future uncertainty relating to the availability of government subsidies." This 60-day notice period was issued in accordance with the Worker Adjustment and Retraining Notification Act (WARN Act), a law stating that companies with over 100 employees must provide notification of mass layoffs at least 60 days in advance.
[Related: Hyzon Motors receives 180-day extension for Nasdaq compliance]
Hyzon's troubles didn't happen overnight
Last July, it announced it was ending operations at its European and Australian/New Zealand businesses and subsidiaries as part of a larger "realignment process"
[Related: Hyzon to stop Netherlands, Australian operations to focus on North America]
Earlier this year, Hyzon avoided delisting from the Nasdaq stock exchange after its shares traded at less than $1 for over 30 consecutive business days. In 2023, the company posted a $184 million net loss, and then posted a $34.23 million net loss for the first quarter of this year.
As of this writing, Monday, December 23, Hyzon shares are continuing to trade on the Nasdaq.
At its peak, Hyzon was a global supplier of zero-emissions heavy-duty fuel cell electric semi and refuse trucks. Existing customers and fleets are expected to continue to receive regular support services during this time.
