ROCHESTER, N.Y., May 23, 2023
/PRNewswire/ -- Hyzon Motors Inc. (NASDAQ: HYZN), a global supplier
of zero-emission heavy-duty fuel cell electric vehicles, today
announced that on May 17, 2023 it
received a Second Additional Staff Determination from the Listing
Qualifications Staff of the Nasdaq Stock Market LLC stating that
because the Company has not yet filed its Form 10-Q for the period
ended March 31, 2023, the Company
does not comply with Nasdaq's Listing Rules for continued listing.
Hyzon has been requested by the Staff to present its views with
respect to this additional deficiency to the Nasdaq Hearings Panel
in writing no later than May 24,
2023. In view of the Hearings Panel's decision granting the
Company's request for extension to file the Q1 2023 Form 10-Q by
June 7, 2023, the Company intends to
respond to the Second Additional Staff Determination by
May 24, 2023 to present the Company's
views with respect to this additional deficiency.
As previously noted on May 5,
2023, Hyzon notified the Hearings Panel that the Company
would need to seek a filing extension for its outstanding financial
statements. This extension allows Hyzon to work with its auditors,
KPMG LLP, to complete the annual audit of the Company's financial
statements for the year ended December 31,
2022, and also to file the Quarterly Report on Form 10-Q for
the quarter ended March 31, 2023, by
June 7, 2023. On May 10, 2023, the Hearings Panel granted the
Company's requested extensions, providing the Company until
May 31, 2023 to file the 2022 Form
10-K, and until June 7, 2023 to file
the Q1 2023 Form 10-Q.
On May 16, 2023, the Company filed
Form 12b-25 (Notification of Late Filing) to report that it will
not file the Q1 2023 Form 10-Q by the extended filing date pursuant
to Rule 12b-25. The Company reported
that, as previously reported in the Company's Current Report on
Form 8-K filed with the SEC on May 11,
2023, the Company plans to file the Q1 2023 Form 10-Q on or
before June 7, 2023. Hyzon is
working diligently to file its 2022 Form 10-K and Q1 2023 Form
10-Q as soon as practicable.
About Hyzon
Hyzon is a global supplier of fuel cell
electric mobility, with US operations in the Rochester, Chicago, and Detroit areas, and international operations in
the Netherlands, Australia, and China. Hyzon is an energy transition
accelerator and technology innovator, providing solutions in the
transport sector with a focus on commercial vehicles and hydrogen
supply infrastructure. Utilizing its proprietary hydrogen fuel cell
technology, Hyzon's mission is to supply zero-emission heavy duty
trucks to customers in North
America, Europe, and around
the world to mitigate emissions from diesel transportation - one of
the single largest sources of carbon emissions globally. The
Company is contributing to the adoption of fuel cell electric
vehicles through its demonstrated technology advantage, fuel cell
system performance, and innovation. Visit www.hyzonmotors.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of present or historical fact
included in this press release, are forward-looking statements.
When used in this press release, the words "aims", "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements, including
statements about the Company successfully filing Form 10-K and 10-Q
for the year ended December 31, 2022
and March 31, 2023, respectively, are
based on management's current expectations and assumptions about
future events and are based on currently available information as
to the outcome and timing of future events. Except as otherwise
required by applicable law, Hyzon disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Such forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, which could cause actual results to
differ materially from the forward-looking statements contained
herein due to many factors. In particular, no assurances can be
made regarding the Company's ability to timely regain compliance
with Nasdaq's listing requirements. If the Company is unsuccessful
in timely regaining compliance with Nasdaq's listing requirements,
the Company's securities may be delisted from The Nasdaq Capital
Market, which could have a material adverse impact on the
Company.
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SOURCE Hyzon Motors Inc.