Fuel-cell truck maker Hyzon rejects short-seller report, calls its inaccurate By Reuters
(Reuters) – Hyzon Motors Inc rejected a Blue Orca report about fuel-cell truck manufacturer Hyzon Motors Inc. It claimed that it was misleading and inaccurate, and only intended to bring in profits for the short seller.
Hyzon shares plunged by 35% after publication of last week’s report, while those holding Hyzon stock rose up to 16%
Blue Orca https://static1.squarespace.com/static/5a81b554be42d6b09e19fc09/t/61530030593dd86e7025333e/1632829490443/Blue+Orca+Short+Hyzon+Motors+Inc+(NASDAQ+HYZN).pdf had said in the report that it had taken a short position in the stock, alleging that Hyzon’s largest customer Shanghai HongYun was a “fake company” that was formed just days before an announcement of a deal to supply up to 500 fuel-cell vehicles.
According to the seller, “In our view such evidence indicates that Hyzon ordered a major product with a Chinese looking customer in order to increase its stock price,” he stated.
Blue Orca claimed that Hyzon’s Chief Executive Craig Knight stated, “Hyzon does not have any record of the short seller meeting with Hyzon management to request any information, clarification, or to verify any of its claims.”
Knight assured investors that the company has $500 million in cash and cash equivalents to help it run its business.
Blue Orca didn’t immediately reply to a Reuters inquiry for comment.
Hyzon is currently in the design stages for a hydrogen-powered truck that uses super-pure hydrogen.
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