Shares of Hyzon Motors Inc. (NASDAQ: HYZN) are plunging in Wednesday’s session. Here’s what investors need to know.
Hyzon Under SEC Net: Hyzon, a manufacturer of hydrogen fuel-cell powered commercial vehicles, said in an 8-K filing that it has received a subpoena from the SEC for the production of documents and information related to allegations made in a report issued by short seller Blue Orca Capital.
Blue Orca alleged in a late September report that Hyzon is a “zero-revenue” hydrogen EV SPAC, which it likened to a Chinese Lordstown Motors Corp. (NASDAQ: RIDE).
The company at that time denied the claims and said the report included a number of inaccuracies.
Hyzon said it is cooperating with the SEC.
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Hyzon’s FY21 Deliveries Exceed Target, But Mix Shift Drags Revenues: Hyzon also announced 2021 deliveries of 87 fuel-cell powered heavy-duty vehicles in 2021 under commercial sales agreements. These deliveries do not include any trial leases..
The shipments exceeded the company’s target of 85 vehicles.
Hyzon, however, said it expects 2021 results to reflect both a lower average selling price per vehicle due to product mix and multiyear revenue recognition for the majority of sales. This will result in materially lower-than-forecast revenues and margins, according to the company.
The company noted that it proactively shifted its deployment focus to Asia, which has half the average selling prices as other regions.
HYZN Price Action: At last check, Hyzon shares were down 5.36% at $6.44
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