Hydrogen-powered vehicle manufacturer Hyzon Motors has announced a final resolution of its US Securities and Exchange (SEC) investigation.
The US SEC had companied that Hyzon misrepresented the status of its business dealings with potential customers and suppliers to create the false appearance that significant sales transactions were imminent.
The resolving of its SEC investigation is subject to court approval, however Hyzon has agreed to pay a civil monetary penalty of $25m in three instalments, although it has not admitted or denied the allegations in SEC’s complaint.
Alongside this, former CEO, Craig Knight, and former Chief Financial Officer, Mark Gordon, have agreed to return $250,000 and $122,500 respectively to Hyzon, relating to certain incentive compensation that the company previously paid them.
