BOLINGBROOK, Ill., Dec. 20,
2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or
the Company), a U.S.-based, high-performance, hydrogen fuel cell
system manufacturer and technology developer focused on providing
zero-emission power to decarbonize the most demanding industries,
today announced the Company has issued a Worker Adjustment and
Retraining Notification Act (WARN Act) notice (the Notice) to
its employees at the Company's Bolingbrook, Illinois and Troy, Michigan facilities, as well as to
substantially all of its remaining employees in the states of
Illinois and Michigan. Hyzon cited its inability to raise
funding and the future uncertainty relating to the availability of
government subsidies, most notably the California Hybrid and
Zero-Emission Truck and Bus Voucher Incentive Project, which the
Company believes has caused certain of its customers to slow down
or suspend their purchasing decisions. If the Company cannot raise
funds or find a buyer, it is expected that the reduction in force
will be completed in February
2025.
The Notice begins the 60-day notice period that must be given
prior to idling operations and laying off employees under the WARN
Act.
About Hyzon
Hyzon is a global supplier of
high-performance hydrogen fuel cell technology focused on providing
zero-emission power to decarbonize demanding industries. With
agile, high-power technology designed for heavy-duty applications,
Hyzon is at the center of a new industrial revolution fueled by
hydrogen, an abundant and clean energy source. Hyzon is focusing on
deploying its fuel cell technology in heavy-duty commercial
vehicles in Class 8 and refuse collection vehicles
across North America, as well as new markets such as
stationary power applications. To learn more about how Hyzon
partners across the hydrogen value chain to accelerate the clean
energy transition, visit www.hyzonfuelcell.com.
Forward-Looking Statements
This press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include the Company's expectations, hopes, beliefs, intentions or
strategies for the future. You are cautioned that such statements
are not guarantees of future performance and that the Company's
actual results may differ materially from those set forth in the
forward-looking statements. All of these forward-looking statements
are subject to risks and uncertainties that may change at any time.
Factors that could cause the Company's actual expectations to
differ materially from these forward-looking statements include the
expectations regarding the estimated costs in connection with the
reduction in force and the timing of such costs, the timing of
completion of the reduction in force, the Company's ability to seek
and obtain stockholder approval of the transfer of all or
substantially all of the Company's assets for the benefit of
creditors and the liquidation and dissolution of the Company
pursuant to a plan of dissolution, and any potential strategic or
other funding transactions of which there can be no assurance that
such potential transactions will occur at all, will occur in the
time necessary prior to a dissolution or will be on terms favorable
to the Company and its stockholders, the Company's ability to
improve its capital structure; Hyzon's liquidity needs to operate
its business and execute its strategy, and related use of cash; its
ability to raise capital through equity issuances, asset sales or
the incurrence of debt; the possibility that Hyzon may need to seek
bankruptcy protection; Hyzon's ability to fully execute actions and
steps that would be probable of mitigating the existence of
substantial doubt regarding its ability to continue as a going
concern; our ability to enter into any desired strategic
alternative on a timely basis, on acceptable terms; our ability to
maintain the listing of our Common Stock on the Nasdaq Capital
Market; retail and credit market conditions; higher cost of capital
and borrowing costs; impairments; changes in general economic
conditions; and the other factors under the heading "Risk Factors"
set forth in the Company's Annual Report on Form 10-K, as
supplemented by the Company's quarterly reports on Form 10-Q and
current reports on Form 8-K. Such filings are available on our
website or at www.sec.gov. You should not place undue reliance on
these forward-looking statements, which are made only as of the
date hereof. The Company undertakes no obligation to publicly
update or revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws.
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SOURCE Hyzon
