Hyzon Motors Inc., a leading supplier of zero-emissions hydrogen fuel cell-powered commercial vehicles, has won a major legal battle.
As previously disclosed, the company filed a petition with the Delaware Court of Chancery on February 13, 2023, pursuant to Section 205 of the Delaware General Corporation Law seeking validation of the Company’s Second Amended and Restated Certificate of Incorporation, which included an increase in the total number of authorized shares of Class A common stock and preferred stock.
On March 6, 2023, the Court of Chancery granted Hyzon Motors’ petition and issued an order validating the Company’s Certificate of Incorporation and outstanding shares of Class A common stock. This decision will resolve any uncertainty surrounding these matters and allow Hyzon Motors to move forward with its plans for growth and expansion.
Hyzon Motors specializes in designing, developing, and manufacturing heavy-duty vehicles such as trucks and buses powered by hydrogen fuel cells that emit only water vapor. With increasing demand for cleaner, greener transportation options, the company aims to grow its presence in the zero-emissions commercial vehicle market.
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This legal victory will provide Hyzon Motors with the flexibility to issue additional shares of Class A common stock and preferred stock, as needed, to fund its expansion plans and capitalize on market opportunities. The company’s growth strategy includes expanding its production capacity with the construction of a new facility in the Netherlands and developing a heavy-duty fuel cell electric truck with a range of up to 900 kilometers.
