Hyzon gains on decision to exit China commercial truck market

Hyzon Motors

28/12/2022 21:45

** Shares of hydrogen electric truck company Hyzon Motors
Inc  HYZN.O  rise 12.9% to $1.58 in after market trading
    ** HYZN says Hyzon Shanghai agreed to sell all of its equity
interest in Hyzon Guangdong to HYMAS for about $3.1 mln in cash
    ** Co says it entered into a share buyback agreement with
HYMAS where HYZN repurchased about 3.8 mln shares from HYMAS in
exchange for about $6.4 mln
    ** Says deal represents co's decision to exit the truck
market and wind down the commercial truck portion of its
operations in China
    ** However, HYZN said it will continuing China-based
research and development and procurement operations
    ** Up to last close, stock had fallen ~78% YTD
 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))