Gas-cell truck maker Hyzon rejects short-seller report, calls it inaccurate By Reuters
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(Reuters) – Fuel cell truck maker Hyzon Motors Inc on Tuesday rejected a report by Blue Orca on the grounds that it was inaccurate, misleading, and solely intended to make a profit for the short seller.
Hyzon shares, which have plummeted 35% since the report was released last week, rose 16%.
Blue Orca https://static1.squarespace.com/static/5a81b554be42d6b09e19fc09/t/61530030593dd86e7025333e/1632829490443/Blue+Orca+Short+Hyzon+Motors+Inc+(NASDAQ+HYZN had said in the report .pdf) Position in the stock alleging that Hyzon’s largest customer, Shanghai HongYun, is a “fake company” that was formed just days before a deal was announced to supply up to 500 fuel cell vehicles.
“In our opinion, such evidence suggests that Hyzon announced a major deal with a fake-looking Chinese client just to increase its share price,” the short seller said.
In response to Blue Orca’s allegations, Hyzon’s chief executive Craig Knight said, “Hyzon has no record of this short seller ever meeting with Hyzon management for information or clarification … or attempting to get theirs Verify allegations. ”
Knight also assured investors that the company had $ 500 million in cash and cash equivalents on its balance sheet to run its business.
Blue Orca did not immediately respond to a Reuters request for comment.
Hyzon, which is in the early stages of developing a purpose-built hydrogen-powered truck called the SuperH2Truck, went through a merger with blank check company Decarbonization Plus Acquisition Corp. in July.
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