Hyzon Motors (NASDAQ:HYZN) stock is falling on Wednesday after the hydrogen fuel cell vehicle company said it will not 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 notification, the creation of a special committee to investigate certain issues is behind the delay.
What are the problems holding up Hyzon Motors’ earnings report? The company says the issues include “revenue recognition timing, presentation, internal controls and procedures, primarily pertaining to its China operations.”
It’s not just the normal filing date that Hyzon has missed for its earnings report. The company also says it will not be able to release earnings in time for the extended filing date either.
Hyzon includes the following statement in its notification to 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. It has even warned investors in the past that these issues may have an effect on the future of its shares.
HYZN stock is down 3% as of Wednesday morning.
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On the date of publication, William White did not hold (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.
