Hyzon Motors Inc (NASDAQ:HYZN) is trading lower Wednesday after the company announced it received a subpoena from the SEC for production of documents and information, including those related to the allegations made in the report issued by Blue Orca Capital.
Hyzon Motors also provided an update on 2021 deliveries and the company's financial outlook.
Hyzon Motors said it delivered 87 fuel cell powered heavy-duty vehicles in 2021 under commercial sales agreements.
The company warned investors that it anticipates its 2021 financial results will reflect both lower average selling price per vehicle due to product mix and multi-year revenue recognition for the majority of sales, which will result in materially lower-than-forecast revenues and margins.
"Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us battle the global supply chain headwinds and better the expectations for 2021 deliveries. Each truck Hyzon supplies around the world is another step towards decarbonizing commercial mobility," said Craig Knight, co-founder and CEO of Hyzon Motors.
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HYZN Price Action: Hyzon Motors has traded as low as $5.09 and as high as $11.37 over a 52-week period.
The stock was down 12.5% at $5.96 at time of publication.
Photo: courtesy of Hyzon Motors.
