Hyzon Motors Inc.
On September 28, 2021, market analyst Blue Orca Capital published a report regarding Hyzon which stated, among other things, that “Hyzon’s Largest Customer is a Fake-Looking Chinese Shell Entity Formed 3 Days Before Deal Announced[,]” and “Channel Checks Reveal Next Largest Customer Not Really a Customer … when we channel checked these claims with Hiringa, its executive clarified that Hiringa was not actually a customer, but a ‘channel partner’ assisting Hyzon in marketing vehicles to real end customers in New Zealand.” The Blue Orca report also stated that “According to Hyzon, Hiringa will account for 24% of the Company’s projected deliveries in 2021. Yet Hiringa stated point blank that no deliveries would be taken in 2021[.]” Further, the Blue Orca report stated that “Former Executives Left in Part Because of Concerns over Misrepresentations on Customer Contracts. We spoke with one former senior executive … [h]e said he ‘didn’t like the way [customer contracts] were being presented’ and compared Hyzon ‘a bit like unfortunately what Nikola was doing… I was very uncomfortable with that.’”
On this news, Hyzon’s shares fell sharply during intraday trading on September 28, 2021, on unusually heavy trading volume, damaging investors.
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