FX.co ★ Hyzon Issues WARN Act Notice - Quick Facts

Hyzon (HYZN) has announced a Worker Adjustment and Retraining Notification (WARN) Act notice to its workforce at the Bolingbrook, Illinois, and Troy, Michigan locations. Additionally, this notice extends to nearly all remaining staff in Illinois and Michigan. Initiating the mandatory 60-day notice period as required by the WARN Act, this notification serves as a precursor to the potential cessation of operations and layoffs. Should the company fail to secure necessary funding or identify a potential acquirer, the workforce reduction is anticipated to conclude by February 2025.

Hyzon attributes these measures to challenges in securing financial resources and ongoing uncertainties regarding future government subsidies. This situation, the company asserts, has led some of its clients to either delay or halt their purchasing decisions.