John R. Zavoli, the GC & Chief Legal Officer at Hyzon Motors Inc. (NASDAQ:HYZN), recently sold shares totaling $3,674, according to a Form 4 filing with the SEC. The transactions occurred on December 27 and December 30, 2024, involving sales of Class A Common Stock. Zavoli sold a total of 3,418 shares, with prices ranging from $1.075 to $1.10 per share.
The sales included a transaction of 5 shares indirectly owned by his wife, and two direct transactions of 20 and 3,393 shares. Following these sales, Zavoli no longer holds any shares in the company.
In other recent news, Hyzon Motors announced a significant reduction in its cash reserves, revealing a decrease of $16.4 million since September 2024. The company is exploring strategic transactions to address its liquidity needs and improve its capital structure. In the meantime, Hyzon Motors secured a second Fuel Cell Electric Truck (FCET) order from South San Francisco Scavenger Co., marking its second FCET order in the refuse collection segment.
The company also increased its authorized shares of Class A common stock from 20 million to 120 million, a move that received strong support from stockholders. Furthermore, Hyzon Motors reported successful trials of its hydrogen-powered FCET in various Californian locations, a significant advancement in zero-emission technology for the waste and recycling sector.
On the earnings front, Hyzon Motors reported a net cash burn of $8.2 million in Q3 2024, with plans to reduce this figure by year-end. The company's Bolingbrook facility is now producing 700 fuel cell systems annually. These are the recent developments concerning Hyzon Motors, as the company continues to make strides in the heavy-duty transportation sector with its fuel cell technology.
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