Hyzon Motors up after saying it is in talks to buy all shares in European JV

BCM Resources

25/11/2022 12:52

** Shares of hydrogen fuel cell electric truck firm Hyzon
Motors Inc  HYZN.O  rise 1.8% to $1.669 premarket
    ** Hyzon says it is currently in talks with Holthausen Clean
Technology Investments B.V. to acquire all of the outstanding
stock in their joint venture Hyzon Motors Europe vs. its
previous plan to just acquire more stake
    ** "There can be no assurances that the Company will
finalize an agreement with Holthausen to acquire all of the
outstanding stock of Hyzon Europe," HYZN says in a securities
filing on Friday
    ** In May, HYZN had entered agreement to acquire 735,000
shares that Holthausen held in Hyzon Europe, which equates to
about 25% of the JV, for 27 million euros  ($28.06 million)
    ** However, in August, HYZN had said it was unable to
finalize the terms of the transaction, and added that it had
identified "operational inefficiencies" at the European JV,
which will have a "material adverse effect" on co's ability to
produce and sell vehicles
    ** Up to last close, stock down ~75% YTD
($1 = 0.9623 euros)
 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))