Hyzon Motors Inc. has been granted an extension for continued listing on The Nasdaq Capital Market, allowing the company to regain compliance with Nasdaq listing rules regarding periodic filings to the U.S. Securities and Exchange Commission.
Hyzon, the Honeoye Falls-based manufacturer of zero-emission, heavy-duty fuel cell vehicles, has until May 15 to file all necessary delinquent financial reports.
The Nasdaq announced in February that it would suspend trading of Hyzon’s Class A common stock and warrants, and remove the company from listing and registration for failure to comply with reporting deadlines.
Hyzon received the stay after a hearing last month before the Nasdaq Hearings Panel.
An internal audit by Hyzon last fall determined some financial statements from 2021 “should no longer be relied upon.” That determination created a delay in refiling of statements from June and September of 2022, the company said.
Hyzon underwent a leadership change in August. Parker Meeks was named president and interim CEO, replacing Craig Knight, who also left his position as director of the company. Meeks had the interim tag removed from his title last month.
Hyzon stock opened at $0.83 today, up 3 cents. After a highwater mark of $16.50 on Feb. 5, 2021, the stock hasn’t risen about $2 since Feb. 9.
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