Hyzon Motors slid nearly 11% after disclosing SEC subpoena

Tiger Newspress2022-01-12

Hyzon Motors slid nearly 11% after disclosing SEC subpoena.

Hyzon Motors slides after the company announces that it received a subpoena from the Securities and Exchange Commission for production of documents and information. The request is in relation to allegations made in the report issued by Blue Orca Capital.

The company says it is cooperating with the SEC.

A couple of key snippets from the Blue Orca report issued on September 28 are posted below.

"In our opinion, Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told us they are not really a customer."

"Hyzon is just a repackaging of its parent company, Horizon, a Chinese hydrogen fuel cell business that recently delisted from the Chinese OTC market in March 2021 at an enterprise value of just $190 million. Horizon has been trying to sell its fuel cell technology for years, without meaningful success."

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Comments

7466e54e
2022-01-12
7466e54e
The company also said it’s ASP for each truck would be about half because of the shift in deliveries to Asia. It will miss its revenue guidance.
AliPharma
2022-01-12
AliPharma
ok
DenToh
2022-01-12
DenToh
Thanks
VCVCVC
2022-01-12
VCVCVC
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