These are the final days of Hyzon Motors (HYZN).
According to a Securities and Exchange Commission (SEC) filing dated February 4, 2025, Hyzon CEO Parker Meeks has resigned with immediate effect days before a shareholder meeting to finalize dissolving the company and turning its assets over to liquidators.
[Related: Hyzon Motors board votes to dissolve company, layoffs likely]
Mr. Meeks has served as CEO and a company director since April 27, 2023.
"Mr. Meeks' resignation was not because of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices, including accounting principles and practices," Hyzon stated in the filing.
On the same day of Meeks' resignation, Hyzon's board appointed Dr. Christian Mohrdieck as president and acting CEO. He previously served as the company's Chief Technology Officer.
At its height, Hyzon specialized in converting diesel-powered semis and refuse trucks into zero-emission hydrogen fuel cell (FCEV) propulsion powertrains. It did not build semi tractors from scratch. The company was also a global fuel technology supplier.
Unfortunately, Hyzon's troubles are nothing new and its demise is not shocking. In 2023, for example, the company posted a $184 million net loss. It also had a $34.23 million net loss for the first quarter of 2024.
A history of problems
Last summer, Hyzon confirmed it was ending operations at its European and Australian and New Zealand businesses and subsidiaries, claiming this was part of a larger "realignment process."
[Related: Hyzon to stop Netherlands, Australian operations to focus on North America]
Only a few months later, the company managed to avoid a Nasdaq delisting due to its shares trading at less than $1 for over 30 consecutive business days. Unfortunately, this was short-lived.
A few days before last Christmas, Hyzon' board voted to dissolve the company following several months of financial issues that included the shuttering of multiple overseas offices. The delisting comes as a direct consequence of the board's dissolution plan.
Hyzon Motors was ultimately and permanently delisted from the Nasdaq on January 30, 2025.
The company was founded in 2020 as an spin-off of Horizon Fuel Cell Technologies, based in Singapore. It went public in 2021 with a Special Purpose Acquisition Company (SPAC) merger with Decarbonization Plus Acquisition Corporation.
