Elaine Wong, a director at Hyzon Motors Inc. (NASDAQ:HYZN), recently sold shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The transactions took place on December 26 and December 27, 2024, amid a challenging year that has seen the stock decline nearly 98% year-to-date. According to InvestingPro data, the company's market capitalization now stands at just $8 million.
Wong sold a total of 17,587 shares, with the sale prices ranging from $1.0634 to $1.0821 per share. The total value of the transactions amounted to $18,994. Following these sales, Wong no longer holds any shares directly.
Additionally, Wong is associated with CEV Opportunity (SO:FTCE11B) LP, which holds 2,000 shares of Hyzon Motors indirectly. The filing notes that Wong may be deemed to beneficially own these securities by virtue of her ownership interest in CEV Opportunity LP. However, she disclaims beneficial ownership beyond her pecuniary interest.
These transactions come as Hyzon Motors continues to navigate the competitive landscape of the electrical industrial apparatus sector.
In other recent news, Hyzon Motors has experienced a significant reduction in its cash reserves, with unaudited cash and cash equivalents standing at approximately $14.0 million, a decrease of $16.4 million since September. The company's latest SEC filing indicates a potential need for strategic or funding transactions to address its liquidity needs and continue operations. Additionally, Hyzon has increased its authorized shares of Class A common stock from 20 million to 120 million, a move that received strong support from stockholders.
In terms of product development, Hyzon has secured its second Fuel Cell Electric Truck (FCET) order from South San Francisco Scavenger Co, marking the company's second FCET order in the refuse collection segment. The trucks, produced in cooperation with New Way Trucks, are designed to meet the rigorous demands of refuse collection, boasting a range of at least 125 miles and the capability of performing over 1,300 cart lifts per charge.
Hyzon has also completed a successful trial of its hydrogen-powered FCET in collaboration with New Way Trucks and Mt. Diablo Resource Recovery. The trial, which involved refuse collection routes in California, aligns with the state's Advanced Clean Fleet requirements. These are the recent developments in Hyzon's pursuit of advancing clean energy solutions in the heavy-duty transportation sector.
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