Hyzon Motors Inc’s shares plummeted 16% after the company disclosed a subpoena arising from a short-selling report, according to a report by MarketWatch on Wednesday.
- The company revealed that the Securities and Exchange Commission had demanded certain documents and information about allegations made by Blue Orca Capital.
- Blue Orca alleged in September that Hyzon is a “Chinese Lordstown Motors,” describing the electric truck manufacturer, RIDE, which ran into challenges last year when reports on preorders were determined inaccurate.
- Hyzon disclosed that it provided an update on 2021 deliveries, amounting to 87 fuel cell-powered heavy-duty vehicles, ahead of its forecast for 85 vehicles.
- The company projects the 2021 financial results will demonstrate both a lower average selling price per vehicle on product mix and multi-year revenue recognition for sales.
The filings indicated that the revenue recognition for sales would lead to materiality lower than anticipated revenues and margins. HYZN down -5.65%
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