Hydrogen-truck manufacturer Hyzon Motors has been granted an extension for continued listing on The Nasdaq Capital Market until May 15, 2023, to regain compliance with listing rules.
The company, on Monday (April 3) announced the extension was granted following a hearing on March 16, 2023, where Hyzon presented a “comprehensive plan to regain compliance and requested the continued listing of its securities on The Nasdaq Capital Market pending such compliance.”
Hyzon has been in non-compliance with Nasdaq’s listing rules since August last year (2022) after it revealed it would not be issuing its Second Financial Filing by the required deadline, reporting “revenue recognition timing issues in China,” as well as other governance and compliance issues, saying it had launched an independent investigation.
On November 18, 2022, the company then announced it had received another notice from Nasdaq, confirming that it remained in non-compliance with its listing rules, due to Hyzon not filing its quarterly report on Form 10-Q for the period ending September 30, 2022.
On January 30, 2023, Hyzon then informed Nasdaq that it would not file its quarterly reports for the periods ended June 30, 2022, and September 30, 2022, by a specified deadline for it regain compliance.
February 3, 2023, saw the company issued with a Staff Determination from the Listing Qualification Staff of Nasdaq notifying the company that unless it requested an appeal, trading of its Class A common stock and warrants would be suspended from its Capital Market on February 14, 2023, as well as seeing the company delisted.
The latest extension is subject to the condition that on or before May 15, 2023, Hyzon will file all delinquent reports with the US Securities and Exchange Commission (SEC), in compliance with the Periodic Filing Rule.
Seemingly in parallel with the Nasdaq events, Hyzon had been involved in a case in the Court of Chancery of the State of Delaware, which called into question whether the formation of the company followed Delaware state rules.
Following the Delaware case, Hyzon announced that Parker Meeks would become the company’s CEO after a stint in the interim position, sparked in August (2022).
Commenting on his appointment, Meeks said, “Hyzon has a bright future, and I am privileged to take the permanent helm and put my decades of experience to work in a new way.”
“In this fresh, new chapter, I’ll focus on leading Hyzon’s commercialisation efforts to accelerate decarbonisation on both a global and customer-by-customer-basis,” Meeks added.
