Shares of Hyzon Motors Inc. (HYZN) are slipping over 22% on Tuesday morning after Blue Orca Capital released a negative report alleging that the company's customers are fake.
HYZN is currently trading at $7.17, down $2.04 or 22.15%, on the Nasdaq, on a volume of 7.6 million shares. The stock has traded between $6.02 to $19.95 in the year-to-date period.
On September 28, 2021, Blue Orca Capital published a short-seller report on Hyzon. In the report, Blue Orca Capital stated, "In our opinion, Hyzon's supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told us they are not really a customer."
Furthermore, Blue Orca Capital commented, "Notably for a zero revenue SPAC banking on the future value of its technology to save its business, two of Hyzon's chief technology officers have resigned in the past 15 months. The Company is only 20 months old. Ultimately, we think Hyzon's parent has taken advantage of the general suspension of disbelief in financial markets to enrich insiders by repackaging an old technology in a fig leaf of misleading deal announcements and illusory customer contracts."
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