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Hyzon Motors Slides After Disclosure of SEC Subpoena

Investing.com
·1-min read

By Sam Boughedda

Investing.com — Shares of hydrogen fuel-cell truck maker Hyzon Motors Inc (NASDAQ:HYZN) tumbled Wednesday after it revealed it received a subpoena from the Securities and Exchange Commission.

The subpoena is about the production of documents and information relating to allegations made by Blue Orca Capital.

Blue Orca is an investment firm focused on short selling. In September, the company released a short report on Hyzon, saying its "supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told us they are not really a customer."

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Hyzon Motors shares fell 17% following the subpoena news. The company's shares have fallen 46% in the last year.

The company released an update on its 2021 deliveries on Wednesday, telling investors it delivered 87 fuel cell powered heavy-duty vehicles in 2021 under commercial sales agreements, with none of the deliveries including any trial leases.

However, the company also said it "anticipates the 2021 financial results will reflect both lower average selling price per vehicle due to product mix and multi-year revenue recognition for the majority of sales, which will result in materially lower than forecast revenues and margins."

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