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Hyzon Motors ( (HYZN) ) has issued an update.
Hyzon Motors’ Board has approved a plan to transfer its assets for creditors’ benefit and potentially dissolve the company if no strategic alternatives or funding are secured, amid financial struggles and uncertainty over government subsidies. In response, the company has issued a Worker Adjustment and Retraining Notification Act notice to employees in Illinois and Michigan, indicating a potential workforce reduction if no buyer or funds are found, while appointing Glenn Kushiner as Chief Restructuring Officer to guide the process.
More about Hyzon Motors
Hyzon Motors is a global supplier of high-performance hydrogen fuel cell technology aimed at providing zero-emission power solutions for demanding industries. The company focuses on deploying its fuel cell technology in heavy-duty commercial vehicles, such as Class 8 and refuse collection vehicles, across North America, and is expanding into stationary power applications.
YTD Price Performance: -96.29%
Average Trading Volume: 822,115
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $12.6M
For a thorough assessment of HYZN stock, go to TipRanks’ Stock Analysis page.
