10:00 AM EDT, 07/19/2024 (MT Newswires) -- Hyzon Motors ( HYZN ) said Friday it expects to raise about $4.5 million in gross proceeds from a direct offering of shares and warrants, priced at $0.20 per unit.

The company said the offering comprises 22.5 million shares and warrants to buy the same number of shares. The warrants have an exercise price of $0.30 per share, are exercisable immediately, and expire in five years, Hyzon added.

Hyson said it intends to use the net proceeds from the offering, expected to close around July 22, primarily for working capital and general corporate purposes.

Shares of the company were down 32% in recent Friday trading.

Price: 0.19, Change: -0.09, Percent Change: -32.04