US hydrogen truck manufacturer Hyzon Motors says it has been granted a petition by the Delaware Court of Chancery to “validate and declare effective” its Certificate of Incorporation and all of its outstanding shares.
The company on February 13, 2023, revealed it had filed a petition in the Delaware Court of Chancery, pursuant to Section 205 of the Delaware General Corporation Law (DGCL), to be issued a permit by the Court to ratify and validate “potentially defective corporate acts.”
On March 6, 2023, the Delaware Court held a hearing in the Section 205 Action. Hyzon today (March 9) revealed the Court, “orally granted the Company’s petition and, on the same day (March 6), the Court issued an order in the Section 205 Action granting the Company’s petition seeking to resolve any uncertainty with respect to those matters.”
It comes after a ruling by the Delaware Court of Chancery, which suggested that there was uncertainty as to whether Hyzon complied entirely with the DGCL when the company was incorporated in 2021.
... to continue reading you must be subscribed