Elaine Wong, director at Hyzon Motors Inc. (NASDAQ: ), recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. The transactions took place on December 26 and 27, 2024, amid a challenging year in which the stock has fallen nearly 98% year-to-date. According to InvestingPro data, the company’s market capitalization is now just $8 million.
Wong sold a total of 17,587 shares, with sales prices ranging from $1.0634 to $1.0821 per share. The total value of the transactions was USD 18,994. Following these sales, Wong no longer directly holds any shares.
In addition, Wong is affiliated with CEV Opportunity (SO:) LP, which indirectly holds 2,000 shares of Hyzon Motors. The filing notes that Wong may be deemed to beneficially own these securities based on his ownership interest in CEV Opportunity LP. However, she disclaims beneficial ownership beyond her pecuniary interest.
These transactions come as Hyzon Motors continues to navigate the competitive landscape of the electrical industrial equipment sector.
In other recent news, Hyzon Motors experienced a significant reduction in its cash reserves, with unaudited cash and cash equivalents totaling approximately $14.0 million, down from $16.4 million since September. The company’s latest filing with the SEC indicates the potential need for strategic or financing transactions to address liquidity needs and continue operations. In addition, Hyzon increased its authorized shares of Class A common stock from 20 million to 120 million, a move that received strong shareholder support.
On the product development front, Hyzon has secured its second Fuel Cell Electric Truck (FCET) order from South San Francisco Scavenger Co, marking the company’s second FCET order in the waste collection segment. The trucks, manufactured in collaboration with New Way Trucks, are designed to meet the rigorous requirements of waste collection, boasting a range of at least 125 miles and the ability to perform more than 1,300 cart lifts per charge.
Hyzon also completed a successful trial of its FCET on hydrogen in collaboration with New Way Trucks and Mt. Diablo Resource Recovery. The test, which involved waste collection routes in California, complied with the state’s Advanced Clean Fleet requirements. These are the latest developments in Hyzon’s quest to advance clean energy solutions in the heavy haulage sector.
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