08:29 AM EST, 12/20/2024 (MT Newswires) -- Hyzon Motors ( HYZN ) shares tumbled 39% in premarket activity Friday after the company said it has notified employees in Illinois and Michigan of pending job cuts.

The company cited its inability to raise funding and the uncertainty surrounding the availability of government subsidies.

Hyzon said the reduction in force is expected to be completed in February next year if it cannot raise funds or find a buyer.

The notice starts the 60-day notice period that must be given under the Worker Adjustment and Retraining Notification Act.