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Sorry my bad - I assumed that the deal announced was for fuel cell stacks. Originally it was
PowerCell appointed as fuel cell stack supplier to Nikola Motor Company Gothenburg, Sweden, November 9, 2017 and then an announcement they had switched to Bosch. But a partnership with Plug Power to produce hydrogen distribution may be good. I have no opinion on this. Plug Power is a supplier of fuel cells so seemed to match up with a possible change to an American Based operation. A lot of energy tax credits, will be tied to manufacturing in America including batteries as you may have seen with the latest changes.
Agree 100%.
You wouldn't get a reply over this question either way, I highly doubt it. I know for quite a while Nikola did not have a fuel cell stack for their trucks. At first Bosch fuel cell stack was selected, seems that did not pan out. Now plug power, so you know they are paying retail or discounted retail price for the stack. Not sure a merger would be good, maybe a partnership.
This appears be be a video mix up on the part of the news channel. Just a stupid mistake.
Of course he is getting restricted stock options along with a $400,000 annual salary.. Par for the course.
Originally they were going to purchase, they changed to a 10 Year lease agreement.
I think this is a decent lease agreement over time. So let manufacturing begin. This lease will assure more money available for funding manufacturing cost's.
Item 1.01. Entry into a Material Definitive Agreement.
On April 7, 2023, Canoo, Inc. (“Canoo” or the “Company”) executed a ten year lease agreement with a five year renewal option (the “Canoo Lease”) for the leaseback of
approximately 500,000 square feet of the vehicle manufacturing facility in Oklahoma City, Oklahoma (the “OKC Facility”) from I-40 OKC Partners LLC, a special purpose vehicle managed by entities affiliated with Mr. Tony Aquila, the Company’s Executive Chairman and Chief Executive Officer (“I-40 Partners”). The Company previously entered into that certain Purchase and Sale Agreement on November 9, 2022 (the “PSA”) to acquire the OKC Facility for $34.2 million from Terex USA, LLC (“Terex”) and, in connection with the Canoo Lease, the Company entered into an Assignment of Real Estate Purchase Agreement (“AREPA”) with I-40 Partners relating to the sale of the OKC Facility. The Canoo Lease includes a $6.7 million tenant improvement fund and a separate $1.6 million remediation fund for facility repairs. As required under the terms of the PSA, I-40 Partners leased the remaining approximately 150,000 square feet of the OKC Facility to Terex who will continue operating in a designated area within the OKC Facility (the “Terex Lease”). Upon termination or expiration of the Terex Lease, the Company shall lease the designated area within the OKC Facility allocated to the Terex Lease at the then-current rate provided under the Terex Lease. The Company also maintains an option to purchase the OKC Facility from I-40 Partners commencing in Year 3 of the Canoo Lease and ending prior to Year 4. Lease rates on the Canoo Lease will increase over its term, commencing at $7.11 per square foot in Year 1 of the lease and ending in Year 10 at $10.94.
I think once the 10K/Q's are filed for remainder of (2022) and 10Q for (2023). We will climb past a dollar.
Yes absolutely. I have stayed away from NKLA. HYZON is my main hydrogen play. I have bought GOEV recently since they have solid orders. I like the van/truck, and it seems most people who have driven it, like it a bunch.
Yes way, with a debt of around 2 billion. The inability to pay vendors for services a products, could result in manufacturing delays. Funds are estimated to last through end of 2023. Look at the deflated stock price lower than HYZN. Very hard to raise large amounts of money. Cash on hand running low estimated 233 Mil JMO. If they survive it will be a surprised. Let's see if they manage to build 258 BEVS and 150 FCEL trucks.
Raising money on low share price and possibility of going out of business.
In short no! Hyzon Motors - Hyzon Motors Technology was sold to Hymas PTE Ltd for 3.1 million..
.
Item 1.01 Entry Into a Material Definitive Agreement
On December 27, 2022, Hyzon Motors Technology (Shanghai) Co., Ltd. (“Hyzon Shanghai”), a limited company organized under the laws of the People’s Republic of China and an indirect, wholly owned subsidiary of Hyzon Motors Inc. (the “Company”), entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with Hyzon Motors Technology (Guangdong) Co., Ltd. (“Hyzon Guangdong”), a limited company organized under the laws of the People’s Republic of China and a direct, wholly owned subsidiary of Hyzon Shanghai, and Hymas PTE Ltd. (“HYMAS”), a company organized under the laws of Singapore and the Company’s direct, controlling shareholder owning approximately 62.75% of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”). Under the terms of the Equity Transfer Agreement, Hyzon Shanghai agreed to sell all of its equity interest in Hyzon Guangdong to HYMAS for approximately $3.1 million in cash, subject to certain adjustments.
Together with the execution of the Equity Transfer Agreement, on December 27, 2022, the Company entered into a Share Buyback Agreement (the “Share Buyback Agreement”) with HYMAS whereby the Company repurchased approximately 3.8 million shares of Common Stock from HYMAS in exchange for approximately $6.4 million in cash, based on the 7-day weighted average closing price of $1.71 per share of Common Stock. Pursuant to the Share Buyback Agreement, HYMAS will use a portion of the cash received to fund the transactions contemplated by the Equity Transfer Agreement, including paying the purchase price for Hyzon Guangdong and paying intercompany balances owed by Hyzon Guangdong to Hyzon Shanghai.
The foregoing agreements involving the transfer by Hyzon Shanghai of Hyzon Guangdong to HYMAS reflects the Company’s strategic decision to exit the truck market and wind down the commercial truck portion of its operations in China, while continuing its China-based research and development and procurement operations.
Closing of the foregoing transactions occurred on the date of execution of the agreements.
The foregoing summary of the terms and conditions of the Equity Transfer Agreement and the Share Buyback Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Equity Transfer Agreement and the Share Buyback Agreement, copies of which are filed as Exhibit 10.1 and 10.2 hereto and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
Nice find, things are moving along.
Anytime we may see these filings come in before the deadline of May 15, 2023. I would imagine at some point a conference call for Q4 - 2022 will be scheduled. or they wait for Q1 -2023 to follow up in July.
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.Hyzon Motors Inc. (the “Company”) is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) within the prescribed time period due to the reasons described below. The Company will not be able to file by the extended filing date pursuant to Rule 12b-25. As previously reported in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 4, 2022, in connection with the preparation of the Company's financial results for the period ended June 30, 2022, the Company’s Board of Directors (the “Board”) appointed a committee of Board members (the “Special Committee”) to investigate, with the assistance of outside counsel and other advisors, certain issues regarding revenue recognition and internal controls and procedures that were brought to the attention of the Board by management (the “Investigation”). The preliminary findings of the Investigation were completed in January 2023, and the final findings were issued in March 2023. For further information on the Investigation, please refer to the Company’s Current Report on Form 8-K filed with the SEC on March 13, 2023.On March 14, 2023, the Company filed its (i) amended Quarterly Report on Form 10-Q/A for the period ended September 30, 2021 (the “Q3 2021 Form 10-Q/A”), (ii) amended Annual Report on Form 10-K/A for the year ended December 31, 2021 (the “2021 Form 10-K/A”) and (iii) its amended Quarterly Report on Form 10-Q/A for the period ended March 30, 2022 (the “Q1 2022 Form 10-Q/A” and, together with the Q3 2021 Form 10-Q/A and 2021 Form 10-K/A, the “Amendments”). Due to the time and effort required to complete the preparation of the Amendments, the Company was unable, without unreasonable effort or expense, to complete and file the 2022 Form 10-K within the prescribed time period.
Great news and a relief. Anxious to see the income reported from deliveries to China and other countries.
Couple of notes:
Positive they will deliver 20,000 units by EOY. Working with Walmart on a delivery schedule and other vendors to make sure top line vendors receive a number units ordered. He mention Walmart has been a great partner as far a planning deliveries. So if they manage to deliver 20,000 units by EOY this will be great news. So it's in the hand of manufacturing and vendors.
Walmart will make an announcement on delivery schedule.
I think energy stocks are finally turning around - maybe this sector will be back on the rise.
Let's hope momentum holds.
Nothing known for us mere mortals. What ever is going on is a well kept secret.
Today is looking good! Back to a dollar!
Yes a wild ride a looked over the weekend, no news or SEC filings. Weird! At first I thought bad
news from NASDA but nada.
Not sure. Over 6 million shares traded.
Very high volume downward price. Some more bad news - jeeeezussss
Once they start generating revenue by delivering vans to Walmart, Military and Elevator Company. Stock price will turn around and deliveries are scheduled for this year.
I was hoping, but no SEC filling notices.
Nice to see them working on sale in Houston. We should see an 8k regarding NASDAQ meeting soon.
I love how the SEC dishes out penalties - so how does this help share holders? What should be done is a payout of 125 million to share holders, in the form of a dividend.
That is a nice sale - we should see some nice revenues reported for the first quarter of 2023.
Not to mention other lingering revenues.
I'm wondering when we see the China revenues reported. I hope this shows up in the 10K report for 2022. I do not understand (80) Revenue report for end of Dec 31, 2021. - $80,000. I wondering if they are pushing the Chinas revenues into 2022 10K/10Q reports. It's a bit confusing. Net Losses look about right $12,141.
China I hope receivables will be in the 10Q 2022 reports. Certainly they have fixed the delivered products since this fiasco happened in 2020/21. Not to mention other income over the last year.
Excellent! Thanks!
Absolutely and because of the findings Craig Knight was removed from his role as CEO and finally member of the board. Yes this was a very bad maneuver by Craig Knight as CEO to push
shipping incomplete product. Yes if product is shipped, it is invoiced at this time. Most companies
use this standard accounting practice.
SEC filing 8K
Interesting read it appears China shipment of vehicles shipped were not completed or operational around 30 for one customer, the other seems were operational, after on site review . European trucks need repairs. So on delivery date and should not have been recognized as revenue. Seems there was a claim truck were not in operational condition when shipped to China and Europe. Which threw up some red flags.
Let me know if I'm reading this correctly. The issue with revenue recognition is some deliveries may not have been operational. But seems to be not as bad as first reported. I hope all these issues have been resolved.
Sounds good!
Thanks!
Nice post good to see an Hyzon Truck in fulltime use delivering Airgas products. California should be a great market.
I wasn't expecting to see this until Monday. But good news. Not out of the woods - but seems NASDAQ is willing to work with new Hyzon Motor's Management.
Now the other issue. We should hear something around 2/27/2022, Hyzon Motors has a meeting with the SEC scheduled February 26, 2022. So hopefully SEC allows the extension for Financial Reporting requested by the company.
Hopefully Hyzons Biorhythm moves into positive territory soon.
I don't believe these issues are related. NASDAQ delisting vs Class A shares issued. The Class A Stock issue is probably some legal misunderstanding of the law by the lawyers or just a poorly written securities law, regarding mergers of two companies.
I think we are looking at two different issues here, Class 'A' shares issued and NASDAQ delisting regarding lack of financial reporting. NASDAQ will determine the delisting/extension 15 days from the filing date of February 10th, 2023. Which would be February 25th, 2023.
Let's all hope all goes well in court. I'm do tired of the drama within this company. I hope they get it together so we can start making some money, selling trucks.
An issue is delisted, 10 calendar days from the date the Form 25 submitted to the company. We will probably hear something next week, if the appeal for extension was successful.