Sam Boughedda

Investing.com — Hyzon Motors Inc (NASDAQ) shares tumbled on Wednesday following the disclosure that it had been subpoenaed by the Securities and Exchange Commission.

This subpoena concerns the production documents and information related to Blue Orca Capital’s allegations.

Blue Orca, an investment firm that specializes in short selling, is called Blue Orca. The company published a September report. short report on HyzonIt claimed that its major customers were a Chinese shell company, incorporated just three days prior to the announcement, and a small New Zealand start-up which said they weren’t really our customer.

Hyzon Motors’ shares dropped 17% in the wake of subpoena news. In the past year, shares of Hyzon Motors have dropped 46%.

Investors were provided with an update Wednesday on the 2021 delivery status. The company stated that it had delivered 87 high-performance fuel cell-powered heavy-duty trucks under commercial sales contracts in 2021. No trial leases were included in any of those deliveries.

According to the company, however, it stated that 2021’s financial results would reflect a lower average selling price per car due to the product mix as well as multi-year revenue recognition. This will translate into materially lower revenues and margins than anticipated.