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Stock impact report

Hyzon becomes latest SPAC-backed startup to crash [Yahoo! Finance]

Hyzon Motors Inc. - Class A (HYZN) 
Company Research Source: Yahoo! Finance
Now reality has arrived: Fuel cell developer Hyzon Motors is the latest startup to give up after going public during the SPAC craze of 2020-2021. Hyzon fought through numerous obstacles, including a $25 million fine from the Securities and Exchange Commission related to fabricating orders for hydrogen-powered commercial trucks in China. The spinoff of Singapore's Horizon Fuel Cell Technologies chased the money, receiving $550 million in July 2021 from a reverse merger with Decarbonization Plus Acquisition Corp. despite having no U.S. or North American business. Early Hyzon announcements focused on Europe, Australia and China. Short seller Blue Orca Capital alleged skulduggery on Hyzon's part in a September 2021 report, claiming the company made up orders in China. That put the SEC on Hyzon's trail. All of this came under CEO Craig Knight, who was pushed out in 2022 . Former McKinsey & Co. partner Parker Meeks took over, first as interim CEO. He later was named to the post perman Show less Read more
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