Hyzon Motors, the US manufacturer of hydrogen fuel cell systems, has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 22,500,000 shares of its Class A Common Stock, according to a news release.
A registered direct offering will sell 22,500,000 shares of the Common Stock at a combined offering price of $0.20 per share and accompanying Warrant. The Warrants have an exercise price of $0.30 per share, are immediately exercisable and will expire five years following the date of issuance.
The closing of the offering is expected to occur on or about 22 July. The company intends to use the net proceeds from this offering primarily for funding working capital and other general corporate purposes.
Roth Capital Partners is acting as exclusive placement agent for the offering on a best efforts basis.
The gross proceeds from the offering to the Company are expected to be approximately $4.5m, before deducting placement agent fees and other offering expenses.
