The U.S. Securities and Exchange Commission logo is adorning an office door at the SEC headquarters in Washington, June 24, 2011. Jan 12 Reuters -- Hyzon Motors HYZN.O received a subpoena from the U.S. Securities and Exchange Commission SEC about the hydrogen fuel-cell truck maker, disclosed in a regulatory filing on Wednesday, sending its shares down nearly 13% before the bell.
The SEC has asked the company to produce documents and information regarding allegations made by short-seller Blue Orca Capital.
Blue Orca disclosed a short position in Hyzon and alleged that the truck maker's largest customer Shanghai HongYun was a fake company and that it was formed days before the announcement of a 500 fuel-cell vehicle deal.
In October, Hyzon rejected the report, and its chief executive officer said the company had no record of the short seller meeting with management requesting information or clarification or seeking to verify its claims. On Wednesday, Hyzon said it was cooperating with the SEC in the investigation.
Blue Orca and the SEC were not immediately available for comment.
In July 2021, Hyzon, which is designing a purpose-built hydrogen-powered truck called SuperH 2 Truck, went public through a merger with a blank check firm.
The company's shares recovered some losses and were down 9% in premarket trading.