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Source: Literator / Shutterstock.comHyzon Motors (NASDAQ:HYZN) stock is falling on Wednesday after the hydrogen fuel cell vehicle company said it won’t be able to file its earnings report on time.
The company revealed as much in a filing with the U.S. Securities and Exchange Commission (SEC) yesterday. According to that filing, the creation of a special committee to investigate certain issues is behind this delay.
What are the problems holding up Hyzon Motors’ earnings report? The company says the problems include “revenue recognition timing, presentation, internal controls and procedures, primarily
pertaining to its China operations.”
And it’s not just the normal filing date that Hyzon Motors has missed for its earnings report. The company also warns that it won’t be able to release earnings in time for the extended filing date either.
It also includes the following statement in its filling with the SEC.
“The Company anticipates significant changes to the results of operations for the three and six months ended June 30, 2022, as compared to the corresponding periods ended June 30, 2021. The final dollar impact to the results of operations are not yet determinable, due to the Company’s ongoing investigation.”
All of these filing problems have investors worrying about a potential delisting of HYZN stock. This isn’t the first time that Hyzon Motors has acknowledged accounting issues and it has warned investors in the past it might have an effect on the future listing of its shares.
HYZN stock is down 3.4% as of Wednesday morning.
There’s more stock market news worth checking out below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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