H2 View understands the notice alerted the company that it had not yet filed its quarterly report on Form 10-Q for the period ending September 30 (2022) (Q3 Form 10-Q), following on from notice on August 16 (2022), alerting the company that it had not timely filed its Quarterly Report on Form 10-Q for the period ending June 30 (2022) (Q2 Form 10-Q).

The two missed quarter reports are out of compliance with Nasdaq Listing Rule 5250(c) (1), which requires all listed companies to timely file all required periodic reports with the Securities and Exchange Commissions (SEC).

At the time of the initial alert in relation to its missed Q2 Form 10-Q filing, Hyzon stated it had been made aware of “revenue recognition timing issues in China”, and that it had launched an independent investigation by a board-appointed special committee, working in conjunction with external advisors to address these and other “governance and compliance issues.”

H2 View reached out to Hyzon regarding its noted timing, governance and compliance issues for comment, to which it declined.

Read more: Is Hyzon in hot water?

Subsequently, on August 17 (2022), the company announced that Craig Knight would be departing from his position of Director, and George Gu would transition to non-executive Chairman of the Board, seeing Parker Meeks appointed to President and interim Chief Executive, effective immediately.

Read more: Parker Meeks appointed interim President and Chief Executive of Hyzon Motors

In a statement, Hyzon said the latest notice will have “no immediate effect on the listing or trading of the company’s common stock on the Nasdaq Global Select Market,” however noted that there can be “no assurances” that further delays in the filing of the Forms 10-Q will “not have an impact on the listing or trading of the company’s common stock.”

After the initial notice regarding the late Q2 Form 10-Q, Nasdaq confirmed Hyzon must submit a plan within 60 calendar days from August 16, no later than October 14, 2022, addressing how it intends to regain compliance.

According to Hyzon, Nasdaq has now indicated that the company must:

Submit an update to its original plan to regain compliance with respect to the filing requirement, no later than December 1, 2022.
Submit a summary of the company’s previously announced internal investigation on or before January 16, 2023.
And file the delinquent Forms 10-Q on or before February 13, 2023.

Hyzon has said it intends to file the delinquent Forms 10-Q “as soon as practicable.”

H2 View has reached out to Hyzon for comment on the developments and will bring any and all updates.