Hyzon Issues WARN Act Notice - Quick Facts

(RTTNews) - Hyzon (HYZN) has issued a Worker Adjustment and Retraining Notification Act notice to employees at the company's Bolingbrook, Illinois and Troy, Michigan facilities, as well as to substantially all of the remaining employees in the states of Illinois and Michigan. The Notice begins the 60-day notice period that must be given prior to idling operations and laying off employees under the WARN Act. If the company cannot raise funds or find a buyer, it is expected that the reduction in force will be completed in February 2025.

Hyzon cited its inability to raise funding and the future uncertainty relating to the availability of government subsidies, which the company believes has caused certain of its customers to slow down or suspend their purchasing decisions.