TNI || New Delhi || 6th Oct 2021
Hyzon Motors Inc, the fuel-cell truck maker, has rejected a report by Blue Ocra stating it as inaccurate and misleading and that the statement was made solely to generate profits for the short seller.
Last week, the publication of the report caused a slump of 35% in Hyzon shares but now has risen as much as 16%. In the report, Blue Ocra had said that Hyzon had taken a short position in the stock and alleged that the truck maker’s largest customer, Shanghai HongYun was a fake company that was formed days before the deal to supply 500 fuel cell vehicles was announced.
The short seller had said that Hyzon announced a big order with a fake-looking Chinese customer to elevate its stock price.
In response, Craig Knight, Hyzon’s Chief Executive had said that they do not have any record of this short-seller seeking any information or clarification or even verifying its claims through a meeting.
Craig has also given an assurance to the investors that the company has $500 million of cash and cash equivalents that are a part of its balance sheet. There is still a revert awaited from Blue Ocra on this.