Hyzon Motors has ousted CEO Craig Knight amid a financial mess over how the truck fuel cell maker reported revenue in China and managed internal financial controls.
Parker Meeks, most recently chief strategy officer at Hyzon, was named interim president and CEO effective immediately. Knight was also removed as a director of the company. The board plans to look for a new CEO both externally and internally.
“Parker Meeks has the depth and breadth of experience in the energy, infrastructure and transportation sectors to provide the leadership and operational expertise Hyzon needs at this critical time in the global energy transition,” he Elaine Wong, lead independent director of Hyzon, said in a news release late wednesday
The board also demoted George Gu from executive chairman to non-executive chairman. Gu will advise Meeks on strategic R&D initiatives.
Hyzon chased SPAC money
The Singapore-based spin-off of Horizon Fuel Cell Technologies, backed by the special-purpose acquisition firm, also said in a Presentation of the Stock Exchange and Securities Commission that it will not meet a revised deadline for reporting second-quarter financial results and restated reports. This could jeopardize its Nasdaq listing.
Hyzon chased SPAC money to expand globally. Merged with Decarbonization Plus Acquisition Corp. in February 2021, receiving more than $550 million when the business combination closed in July 2021.
In the SEC filing, Hyzon said it would be too expensive to expedite an internal investigation to meet Nasdaq’s deadline late presentation of financial results.
“The company anticipates significant changes in results of operations for the three and six months ended June 30, 2022, compared to the corresponding periods ended June 30, 2021,” Hyzon said in the filing. “The final impact of the dollar on the results of operations cannot yet be determined due to the ongoing investigation.”
Hyzon said it expects a “substantially larger operating loss for the three and six months ended June 30” compared to the same periods a year ago. Non-cash gains on stock warrants and equity securities should result in undetermined net income compared to a net loss for the same period in 2021.
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Hyzon Motors gives advice on lower-than-expected fuel cell revenue
Click for more FreightWaves articles by Alan Adler.
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