Bolingbrook, Illinois-based Hyzon Motors (HYZN) is to be listed from the Nasdaq Stock Market, it was announced this past week. The news should not come as a surprise.
Just before last Christmas, the Hyzon board quietly voted to dissolve the company after 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.
[Related: Hyzon Motors board votes to dissolve company, layoffs likely]
Hyzon does not plan to appeal the delisting, despite having the option to do so. Instead, it will pursue the proper filings with the Securities and Exchange Commission to formally remove its securities listing and registration on the market exchange.
[Related: Hyzon to stop Netherlands, Australian operations to focus on North America]
Prior to this, Hyzon requested and received a 180-day extension to meet Nasdaq listing requirements, which turns out to have only been a band-aid temporary solution.
Hyzon specialized in converting diesel-powered semis into zero-emission hydrogen fuel cell (FCEV) propulsion. It did not build tractors from scratch. The company also described itself as a global fuel technology supplier.
In 2023, the company posted a $184 million net loss and had a $34.23 million net loss for the first quarter of last year.
As of this writing, the company's website remained online without a formal announcement of the pending delisting.
