Hyzon Motors Inc. (“Hyzon” or the “Company”), a U.S.-based, high-performance, hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, today announced that, at the Company’s special meeting of stockholders (the “Special Meeting”) held earlier today, its stockholders voted to approve the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors (the “Assignment,” and such proposal, the “Assignment Proposal”) and the liquidation and dissolution of the Company pursuant to a plan of dissolution (the “Dissolution,” and such proposal, the “Dissolution Proposal”). The Company announced on December 20, 2024, that its board of directors (the “Board”) had approved the plan of dissolution and that it was seeking stockholder approval of the Assignment Proposal and the Dissolution Proposal.
Approval of the Assignment Proposal and the Dissolution Proposal required the affirmative vote by holders of a majority of the voting power of the outstanding shares of the Company’s Class A common stock and Series A Preferred Stock entitled to vote on the proposals. Approximately 56% of the outstanding voting power of the Company’s Class A common stock and Series A Preferred Stock as of February 28, 2025, the record date for the Special Meeting, were voted in favor of each of the proposals.
The Company currently plans to make an assignment for the benefit of creditors in the near future and at the appropriate time, though the timing of an assignment and subsequent dissolution will be determined by the Board and may not occur at all.
SOURCE: Hyzon
