Hyzon has issued a special voting share to its acting CEO, Dr. Christian Mohrdieck, to ensure its proposed liquidation and dissolution plans proceed.
The troubled US fuel cell and truck firm issued a Series A preferred stock to Dr. Christian Mohrdieck, granting him a number of votes equal to all outstanding Class A common stock, to effectively guarantee approval of the liquidation plan.
However, these votes only activate if the number of Class A shares voting ‘for’ exceeds the combined number voting ‘against’ or ‘abstaining’. If that condition is met, the preferred share casts its full voting power in favour, effectively securing approval.
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