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Hyzon Calls Blue Ocra’s Short-Seller Report Inaccurate

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.

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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.

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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.