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What surprises me is, how the Auditors missed the items in question. It's there job to makes sure accounting is doing the job properly. Friday seems to be soon, but will see.
unless you have heard something about financials.
Quite the lineup of Hydrogen events. Hydrogen will be an exciting field, reminds me of the electronics industry in late 70's. No Personal Computers, No Internet, CPU's Z80 and 6502 started showing up, even basic ICs were just coming to market. Forty years later look at how advance things are. I have no doubt Hydrogen Fuel Car's and Trucks will be will know in the next 20 years.
I like Toyota 2022 Mirai just under 50,000 for a hydrogen vehicle not bad.
Mirai
I think specifically for U.S. operations. My guess with the latest bill signed off on. They may focus on the U.S. more than Europe and may drop China sales for awhile.
Great info.
From Press release.
Additionally, George Gu has transitioned from his executive role with the Company to the non-executive Chairman of the Board. In his role as non-executive Chairman, Mr. Gu will remain available to provide strategic counsel to Mr. Meeks specifically related to R&D initiatives.
He will remain on the board to provide consultation on R&D etc.
Well so far happy they are moving quickly. I hope they can solve revenue collection problems with China without legal assistance.
Well so far happy they are moving quickly. I hope they can solve revenue collection problems with China without legal assistance.
Agree this is a good move. He has a degree in Electrical Engineering from Columbia University and a MBA from Rice. Plus the experience.
Plus he doesn't dress like an actor in 70's Vampire movie.
Like I said it's clear Craig was not a good choice for this position. He is by education more of an engineering type, I think he has a degree in Chemical Engineering. Smart guy don't know if they will keep him on board in some position.
But they moved Quickly the page was updated:
Hyzon
SEC Filing.
From what I read it seems they had a purchase agreement, but last minute Holthausen had an issue with the agreement, so back to negotiation table.
Item 1.02 Termination of a Material Definitive Agreement.
On May 5, 2022, Hyzon Motors Inc. (the “Company”) entered into a Stock Purchase Agreement with Holthausen Clean Technology Investments B.V. (“Holthausen”) and certain other sellers whereby the Company agreed to acquire 735,000 shares of stock that Holthausen holds in Hyzon Motors Europe B.V., a joint venture operated by the Company and Holthausen, for €27 million. These shares represented approximately 25% of the issued and outstanding stock of Hyzon Motors Europe B.V. As a result of the transaction, the Company would own 75% of the issued and outstanding shares of Hyzon Motors Europe B.V., and Holthausen would own 25%. As part of this transaction, Holthausen would also transfer to the Company all of the shares held in its subsidiary, Holthausen Clean Technology B.V.
The transaction was expected to close during July 2022. The Company and Holthausen have been unable to finalize the terms of the Holthausen transaction, and the transaction is not expected to close on the terms originally agreed. The Company and Holthausen are currently working to renegotiate the transaction. However, as of the date of this filing, the Company does not know when, if at all, it may reach agreement with Holthausen on a revised purchase agreement.
Since Holsthausen seemed to change his mind on agreement at the last minute. We will see if they work this out. He may no longer represent Hyzon Motors in the near future,
We certainly over estimated managements abilities. Hope this gets repaired soon.
.
It's all we can do at this time wait and see. They may be missing a great time in the market. With this last bill being signed off on. Clean energy stock will be heading upwards. Not even sure Hyzon Motors will ride along.
The problem is more about reputation and not meeting the deadline for quarterly reports. A number of items have cropped up showing signs of poor leadership. Craig has to take responsibility as CEO for the company. This is a fiasco.
Item 1.02 Termination of a Material Definitive Agreement.
On May 5, 2022, Hyzon Motors Inc. (the “Company”) entered into a Stock Purchase Agreement with Holthausen Clean Technology Investments B.V. (“Holthausen”) and certain other sellers whereby the Company agreed to acquire 735,000 shares of stock that Holthausen holds in Hyzon Motors Europe B.V., a joint venture operated by the Company and Holthausen, for €27 million. These shares represented approximately 25% of the issued and outstanding stock of Hyzon Motors Europe B.V. As a result of the transaction, the Company would own 75% of the issued and outstanding shares of Hyzon Motors Europe B.V., and Holthausen would own 25%. As part of this transaction, Holthausen would also transfer to the Company all of the shares held in its subsidiary, Holthausen Clean Technology B.V.
The transaction was expected to close during July 2022. The Company and Holthausen have been unable to finalize the terms of the Holthausen transaction, and the transaction is not expected to close on the terms originally agreed. The Company and Holthausen are currently working to renegotiate the transaction. However, as of the date of this filing, the Company does not know when, if at all, it may reach agreement with Holthausen on a revised purchase agreement.
Item 2.02 Results of Operations and Financial Condition.
In connection with the preparation of the Company’s financial results for the period ended June 30, 2022, the Company’s Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations, that were brought to the attention of the Board by Company management. The revenue recognition timing issues being investigated include the recognition of revenue for the year ended December 31, 2021. Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time. The Company will file a Notification of Late Filing on Form 12b-25 (the “Notification”) on or before August 16, 2022.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information contained in the above Item 2.02 of this Current Report on Form 8-K in relation to the delay in the filing of the Form 10-Q is hereby incorporated by reference. After the filing deadline for its Form 10-Q passes on August 15, 2022, the Company will not be in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The delay in filing will have no immediate effect on the listing or trading of the Company’s common stock, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the Company’s common stock.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
The Audit Committee of the Board of Directors of the Company, based on the recommendation of management, determined that the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the "Non-Reliance Periods") should no longer be relied upon as a result of the information contained in the above Item 2.02 of this Current Report on Form 8-K.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with KPMG LLP, the Company’s independent registered public accounting firm.
Item 8.01 Other Events.
The Company has identified operational inefficiencies at Hyzon Motors Europe B.V., the Company’s European joint venture with Holthausen, which will have a material adverse effect on the Company’s ability to produce and sell vehicles. As a result, the Company has determined to restructure its European operations.
The Company’s Board of Directors has retained a third party consulting firm to assist the Board and management with reassessing the Company’s global strategies and operations.
The Company has determined to withdraw all financial and operational guidance it has previously issued for all periods, including for the year ended December 31, 2022 and subsequent years.
The problem is more about reputation and not meeting the deadline for quarterly reports. A number of items have cropped up showing signs of poor leadership. Craig has to take responsibility as CEO for the company. This is a fiasco.
Item 1.02 Termination of a Material Definitive Agreement.
On May 5, 2022, Hyzon Motors Inc. (the “Company”) entered into a Stock Purchase Agreement with Holthausen Clean Technology Investments B.V. (“Holthausen”) and certain other sellers whereby the Company agreed to acquire 735,000 shares of stock that Holthausen holds in Hyzon Motors Europe B.V., a joint venture operated by the Company and Holthausen, for €27 million. These shares represented approximately 25% of the issued and outstanding stock of Hyzon Motors Europe B.V. As a result of the transaction, the Company would own 75% of the issued and outstanding shares of Hyzon Motors Europe B.V., and Holthausen would own 25%. As part of this transaction, Holthausen would also transfer to the Company all of the shares held in its subsidiary, Holthausen Clean Technology B.V.
The transaction was expected to close during July 2022. The Company and Holthausen have been unable to finalize the terms of the Holthausen transaction, and the transaction is not expected to close on the terms originally agreed. The Company and Holthausen are currently working to renegotiate the transaction. However, as of the date of this filing, the Company does not know when, if at all, it may reach agreement with Holthausen on a revised purchase agreement.
Item 2.02 Results of Operations and Financial Condition.
In connection with the preparation of the Company’s financial results for the period ended June 30, 2022, the Company’s Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations, that were brought to the attention of the Board by Company management. The revenue recognition timing issues being investigated include the recognition of revenue for the year ended December 31, 2021. Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time. The Company will file a Notification of Late Filing on Form 12b-25 (the “Notification”) on or before August 16, 2022.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information contained in the above Item 2.02 of this Current Report on Form 8-K in relation to the delay in the filing of the Form 10-Q is hereby incorporated by reference. After the filing deadline for its Form 10-Q passes on August 15, 2022, the Company will not be in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The delay in filing will have no immediate effect on the listing or trading of the Company’s common stock, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the Company’s common stock.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
The Audit Committee of the Board of Directors of the Company, based on the recommendation of management, determined that the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the "Non-Reliance Periods") should no longer be relied upon as a result of the information contained in the above Item 2.02 of this Current Report on Form 8-K.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with KPMG LLP, the Company’s independent registered public accounting firm.
Item 8.01 Other Events.
The Company has identified operational inefficiencies at Hyzon Motors Europe B.V., the Company’s European joint venture with Holthausen, which will have a material adverse effect on the Company’s ability to produce and sell vehicles. As a result, the Company has determined to restructure its European operations.
The Company’s Board of Directors has retained a third party consulting firm to assist the Board and management with reassessing the Company’s global strategies and operations.
The Company has determined to withdraw all financial and operational guidance it has previously issued for all periods, including for the year ended December 31, 2022 and subsequent years.
Have not heard from him since the July 5th - lets see if he pop's up on twitter.
Item 1.02 Termination of a Material Definitive Agreement.
On May 5, 2022, Hyzon Motors Inc. (the “Company”) entered into a Stock Purchase Agreement with Holthausen Clean Technology Investments B.V. (“Holthausen”) and certain other sellers whereby the Company agreed to acquire 735,000 shares of stock that Holthausen holds in Hyzon Motors Europe B.V., a joint venture operated by the Company and Holthausen, for €27 million. These shares represented approximately 25% of the issued and outstanding stock of Hyzon Motors Europe B.V. As a result of the transaction, the Company would own 75% of the issued and outstanding shares of Hyzon Motors Europe B.V., and Holthausen would own 25%. As part of this transaction, Holthausen would also transfer to the Company all of the shares held in its subsidiary, Holthausen Clean Technology B.V.
The transaction was expected to close during July 2022. The Company and Holthausen have been unable to finalize the terms of the Holthausen transaction, and the transaction is not expected to close on the terms originally agreed. The Company and Holthausen are currently working to renegotiate the transaction. However, as of the date of this filing, the Company does not know when, if at all, it may reach agreement with Holthausen on a revised purchase agreement.
Item 2.02 Results of Operations and Financial Condition.
In connection with the preparation of the Company’s financial results for the period ended June 30, 2022, the Company’s Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations, that were brought to the attention of the Board by Company management. The revenue recognition timing issues being investigated include the recognition of revenue for the year ended December 31, 2021. Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time. The Company will file a Notification of Late Filing on Form 12b-25 (the “Notification”) on or before August 16, 2022.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information contained in the above Item 2.02 of this Current Report on Form 8-K in relation to the delay in the filing of the Form 10-Q is hereby incorporated by reference. After the filing deadline for its Form 10-Q passes on August 15, 2022, the Company will not be in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The delay in filing will have no immediate effect on the listing or trading of the Company’s common stock, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the Company’s common stock.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
The Audit Committee of the Board of Directors of the Company, based on the recommendation of management, determined that the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the "Non-Reliance Periods") should no longer be relied upon as a result of the information contained in the above Item 2.02 of this Current Report on Form 8-K.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with KPMG LLP, the Company’s independent registered public accounting firm.
Item 8.01 Other Events.
The Company has identified operational inefficiencies at Hyzon Motors Europe B.V., the Company’s European joint venture with Holthausen, which will have a material adverse effect on the Company’s ability to produce and sell vehicles. As a result, the Company has determined to restructure its European operations.
The Company’s Board of Directors has retained a third party consulting firm to assist the Board and management with reassessing the Company’s global strategies and operations.
The Company has determined to withdraw all financial and operational guidance it has previously issued for all periods, including for the year ended December 31, 2022 and subsequent years.
I find this statement to be poorly done. Are they trying to saying they got involved in to many location's - Europe. Now they need to hire consultants?
Max Holthausen - CEO Hyzon Motors Europe's head, seems to be on the chopping block.
That's right Telsa down 160%.
Hyzon Motors down around 114% from public offering $10.
I'm wondering if this CEO really has the experience, it takes to run a company.
It's been a disaster since they have gone public, a couple of missteps. Perhaps to much, to fast.
Let's hope we see improvement with revenues. I see some new sales have been made in Europe. I believe 20 Trucks for one company. The company has been pretty quite regarding sales. E-trade show's earning approx. 8/9/2022.
Let's hope we see improvement with revenues. I see some new sales have been made in Europe. I believe 20 Trucks for one company. The company has been pretty quite regarding sales. E-trade show's earning approx. 8/9/2022.
Trades that are made with no identity - Anonymous trader.
Although you would think this would be illegal.
This is big! She's a big proponent for the Hydrogen clean energy sector. Not to mention she drove Biden's energy plan which finances U.S. Energy Departments venture to build 5 large Hydrogen Hubs built by private sector companies to help deflate hydrogen fuel costs.
Had some time to research new Hyzon Motors activity.
ByDavid SickelsonAug 17, 2021
David Sickels is the Senior Editor of Fleet Equipment. He has a history of working in the media, marketing and automotive industries in both print and online.
Hyzon Motors Inc.‘s hydrogen fuel cell-powered truck will hit the road soon in California in its first customer trial in the U.S. Hyzon signed a trial agreement with Total Transport Services Inc (TTSI), a port trucking company in Southern California, to provide a Class 8 heavy-duty fuel cell electric truck to TTSI for a 30-day trial in Q4.
The truck, built on a 2022 Freightliner Cascadia chassis, is expected to have 600 peak HP and a range of up to 400 miles. According to the company, because of those specifications, the truck can be placed into TTSI’s existing operations, hauling up to 82,000 lbs. gross combined vehicle weight (GCVW), a standard load for TTSI, and taking advantage of the public heavy-duty hydrogen refueling station in Wilmington, California, nearby TTSI’s Long Beach Custom’s House operations.
The trial will mark TTSI’s first experience with a zero-emissions vehicle capable of 400 miles range, Hyzon says.
States getting involved in U.S. D.O.E. Hydrogen Hub Construction.
Hydrogen Hub Article
Company selling Hyzon Motors trucks.
Company handling Hyzon-Motors sales in Austria
It's a shame California is always one step ahead of the rest of the Country. I would like to see other states getting serious about Hydrogen Fuel.
Nice photo - thanks!
Once this clean energy sector returns to favor with the Marketeer's. Until then probably remain in the 2-4 dollar range.
I believe they have the largest number of Hydrogen Fueling stations compared to other countries. 91 Hydrogen stations and rising.
Under Biden administration, the U.S. is now constructing five major Hydrogen Hubs throughout the country. Which will brings fuel costs for Hydrogen down. Passing the infrastructure bill was a big plus for the country. Compared to spending billions on an idiotic wall. To bad two Democrat's held up the final bill, which would have financed the Postal Service conversion to electric trucks amongst other things.
Would you be more specific? Not sure what your talking about. Hydrogen Fueling Stations?
Great find!
Elon Musk is dead wrong about Hydrogen. This may be one boat, he will miss! Seems to be off to a bad start with his battery operated semi trucks!
P.S. Nice to see price recovery on a down day!
Probably no news on the Hyzon Motors, most clean energy transportation stocks up today.
Well you got your volume today - with a nice jump in PPS.
I would hope so, SEC need to stop this nonsense, Been going on for years.
I would hope so, SEC need to stop this nonsense, Been going on for years.
Hyzon Motors market cap is nearing what they have in the bank -