AUSTIN, Texas--(BUSINESS WIRE)--
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, today announced the successful exercise of the Public Warrants that expired on December 30, 2020.
Transaction Highlights:
-
Approximately $142 million in cash proceeds received upon exercise of Public Warrants for approximately 12.5 million shares of Common Stock
-
Over 98.5% of the Public Warrants exercised prior to expiration
“The successful exercise of these warrants and resulting capital raised allows Hyliion to accelerate its investment in technology, talent and infrastructure towards achieving the company’s mission,” said Thomas Healy, Hyliion’s Chief Executive Officer. “This incremental capital allows us to pursue additional partnerships and M&A activity that we may not have considered previously.”
Hyliion’s mission is to become the leading powertrain provider of electrified solutions for the commercial vehicle industry. The results of the redemption are an important step along the commercialization path for Hyliion as it continues executing against reducing the carbon intensity and greenhouse gas (GHG) emissions of the transportation sector.
“We see a tremendous number of opportunities in the transportation sector that are ready to participate in this electrification transformation,” said Healy. “Over the next year we will explore additional technologies and business synergies that could range from improving our existing solutions, renewable natural gas expansion, hydrogen development, improved battery solutions, expanding our product portfolio and more.”
With the redemption of the publicly traded warrants, Hyliion now trades under one ticker symbol, HYLN, on the New York Stock Exchange.
About Hyliion Holdings Corp.
Hyliion’s mission is to reduce the carbon intensity and GHG emissions of commercial transportation Class 8 vehicles by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, it designs, develops and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “will,” forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include statements regarding Hyliion’s use of proceeds from the warrant exercises, Hyliion’s ability to reduce carbon intensity and GHG emissions of the transportation sector, and Hyliion’s exploration of additional technologies and business synergies. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information. Such forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Hyliion’s control including risks of related to Hyliion’s ability to realize the anticipated benefits of the business combination; the impact of competition and the ability of Hyliion to grow and manage growth profitably; unanticipated costs related to the business combination; changes in applicable laws or regulations; and the possibility that Hyliion may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Hyliion’s filings with the Securities and Exchange Commission (the SEC), which are available publicly on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, Hyliion disclaims any duty to update any forward looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210107005922/en/
For media inquiries:
Mustafa Riffat / Jeremy Cohen
mustafa.riffat@edelman.com / jeremy.cohen@edelman.com
For Investor Relations inquiries:
Bob Gujavarty
bob.gujavarty@hyliion.com
Source: Hyliion Holdings Corp.