Reported 1 day ago
Hyzon Motors Inc., known for its innovations in hydrogen fuel cells, is planning to liquidate its business following the approval of its board to transfer most assets and dissolve the company, pending stockholder consent. Despite efforts to explore strategic alternatives, none have proven viable, prompting this decision. The company is also initiating layoffs at its facilities in Illinois and Michigan, as it faces severe financial challenges, including a significant SEC fine for fraud. The board may reconsider the dissolution plan if new funding or strategic options arise.
Source: YAHOO