After issuing a Worker Adjustment and Retraining Notification Act notice in late December, the company’s board of directors has voted to dissolve the company, pending shareholder approval.
A December 20th statement to the Nasdaq stock exchange revealed that the board “unanimously approved, subject to stockholder approval, the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors, and the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets.”
In a statement on the company website, Hyzon cited its “inability to raise funding and the future uncertainty relating to the availability of government subsidies,” pointing specifically to the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. Without the ability to further raise funds or find a buyer, the company expects to complete layoffs by February 2025.
