Hyzon Motors Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits
$HYZN
Industrial Machinery/Components
Energy
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 10, 2025
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On January 7, 2025, the Board of Directors (“Board”) of Hyzon Motors Inc. (the “Company” or “Hyzon”) determined to wind down and liquidate its operations in Shanghai, China via its wholly owned subsidiary, Hyzon Motors Technology (Shanghai) Co., Ltd.
In connection with these planned exit activities, the Company expects to incur charges of approximately $1 million, all of which are expected to be in cash and all of which relate to employee-related costs. The Company expects to recognize these costs in the fourth quarter of 2024 and make the related cash payments in the first quarter of 2025.
The Company expects to complete the wind down of its operations in China by the end of 2025.
The implementation of the planned exit activities and the timing and estimated charges noted above are subject to certain assumptions and risks. The Company may incur other or additional charges or cash expenditures not currently contemplated, or the cash charges currently contemplated could be greater than anticipated, due to unanticipated events that may occur. Should underlying assumptions prove incorrect or risks materialize, actual amounts and timing may differ materially from those expected. Any additional cash charges could heighten the liquidity risk to the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this Current Report on Form 8-K:
| Exhibit Number | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
Forward-Looking Statements
This Current Report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include the Company’s expectations, hopes, beliefs, intentions, or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company’s actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company’s actual expectations to differ materially from these forward-looking statements include, but are not limited to, the expectations regarding the estimated costs in connection with the reduction in force and the timing of such costs, the timing of completion of a reduction in force, the Company’s ability to seek and obtain stockholder approval of a proposed Assignment and/or the Dissolution, and any potential strategic or other funding transactions of which there can be no assurance that such potential transactions will occur at all, will occur in the time necessary prior to a dissolution or will be on terms favorable to the Company and its stockholders, the Company’s ability to improve its capital structure, Hyzon’s liquidity needs to operate its business and execute its strategy, and related use of cash, its ability to raise capital through equity issuances, asset sales or the incurrence of debt, the possibility that Hyzon may need to seek bankruptcy protection, Hyzon’s ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern, our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market, retail and credit market conditions, higher cost of capital and borrowing costs; impairments, changes in general economic conditions, and the other factors under the heading “Risk Factors” set forth in the Company’s Annual Report on Form 10-K, as supplemented by the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K as well as the “Risk Factors” set forth in the Company’s definitive proxy dated December 30, 2024. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HYZON MOTORS INC. | ||||||||
| Date: January 10, 2025 | By: | /s/ Parker Meeks | ||||||
Name: | Parker Meeks | |||||||
Title: | Chief Executive Officer | |||||||