Hyliion (NYSE:HYLN) stock is taking a beating on Wednesday after the electrified powertrain solutions company announced it’s considering strategic alternatives.
Hyliion notes that it has engaged strategic expert advisors as it seeks to explore strategic alternatives for its powertrain business. The company says it’s taking this action as fleets are taking longer to adopt electric trucks than what was expected.
According to Hyliion, it will continue normal business operations throughout its strategic review. However, it will also suspend some activities. That includes obtaining orders for new Hypertruck ERX-equipped trucks or any additional powertrain development work.
Thomas Healy, founder and CEO of Hyliion, said the following about the news.
“While Hyliion’s capital position is currently strong, its proprietary technology is transformative, and commercialization is progressing on track, additional future capital will ultimately need to be raised against the backdrop of uncertain market conditions if we continue on our current trajectory.”
How This Affects HYLN Stock
The strategic review announcement from Hyliion is shaking investor confidence in the company. That’s being passed onto HYLN stock as investors sell their shares. This has some 459,000 units changing hands in early morning trading today. For the record, the daily average trading volume for the company’s shares is around 1.35 million.
HYLN stock is down 37% as of Wednesday morning and is down 48.3% year-to-date as of Tuesday’s close.
There are even more of the most recent stock market stories that investors will want to check out today below!
We have all of the biggest stock market news that traders need to know about on Wednesday! That includes what’s happening with shares of Silk Road Medical (NASDAQ:SILK) stock, Wheeler Real Estate IT (NASDAQ:WHLR) stock and Tempest Therapeutics (NASDAQ:TPST) stock today. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
- Why Is Silk Road Medical (SILK) Stock Down 40% Today?
- Why Is Wheeler Real Estate IT (WHLR) Stock Up 116% Today?
- Why Is Tempest Therapeutics (TPST) Stock Up 325% Today?
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.
