Ryder acquires IFS to boost supply chain business

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Ryder System Inc. is acquiring Impact Fulfillment Services Holdings LLC, a contract packaging,...

https://www.freightwaves.com/news/ryder-acquires-ifs-to-boost-supply-chain-business

Lordstown Motors founder buys company assets out of bankruptcy

The soap opera that is Lordstown Motors is taking yet another unusual turn. The company founder and former CEO is paying $10 million to buy the electric pickup maker’s assets out of bankruptcy.

Lordstown’s “selling entities” said in a Securities and Exchange Commission filing Friday that Steve Burns made the only qualified bid for the assets. Burns founded the company in 2019 and brought it public through a merger with a special purpose acquisition company in 2020.

Burns and former Chief...

https://www.freightwaves.com/news/lordstown-motors-founder-buys-company-assets-out-of-bankruptcy

Hyzon Motors agrees to $25M SEC fine to settle fraud case

Hyzon Motors agreed to pay a $25 million Securities and Exchange Commission fine to settle a fraud case over inflated claims about its fuel cell truck business.

Two former executives, including the founding CEO, also agreed to repay compensation received from the company. Two executives agreed to personally pay fines to the securities agency.

According to the SEC’s complaint, Hyzon:

  • Misrepresented the status of its business dealings with potential customers and suppliers to suggest significant...

https://www.freightwaves.com/news/hyzon-motors-agrees-to-25m-sec-fine-to-settle-fraud-case

Is TuSimple’s patent promo intended to find a buyer?

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In a video and blog post on LinkedIn, a media pitch and in overdue federal filings, TuSimple...

https://www.freightwaves.com/news/is-tusimples-patent-promo-intended-to-find-a-buyer

Cash-poor transportation startups gambling for fresh capital

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As transportation and electrification startups struggle to raise capital, they are increasingly...

https://www.freightwaves.com/news/cash-poor-transportation-startups-gambling-for-fresh-capital

Proterra won’t fight Nasdaq delisting following bankruptcy filing

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Electric bus and battery maker Proterra Inc. won’t fight its Aug. 17 delisting from the Nasdaq as it...

https://www.freightwaves.com/news/proterra-wont-fight-nasdaq-delisting-following-bankruptcy-filing

Hyzon considers sale of fuel cell business to raise capital

Hyzon Motors would consider a sale or merger to keep its global fuel cell system business alive as it awaits the outcome of a Securities and Exchange Commission probe into possible phantom sales.

The spinoff of Singapore’s Horizon Fuel Cell Technologies went public via special purpose acquisition company Decarbonization Plus Acquisition Corp. in July 2021 and has cleared much of the underbrush that has hampered its business. It filed delinquent quarterly financial reports that returned it to the...

https://www.freightwaves.com/news/hyzon-considers-sale-of-fuel-cell-business-to-raise-capital

EV battery maker Proterra files for Chapter 11 bankruptcy protection

Cash-strapped electric bus and battery maker Proterra Inc. filed for Chapter 11 bankruptcy protection Monday. The company plans to keep running while sorting out its business units during reorganization.

Proterra voluntarily filed its petition in the District of Delaware where it is incorporated. It hopes to strengthen its financial position through recapitalization or sale of some business units. In addition to its original line of electric buses, Proterra makes battery packs and develops...

https://www.freightwaves.com/news/ev-battery-maker-proterra-files-for-chapter-11-bankruptcy-protection

Nikola clear to increase share count — thanks to Delaware rule change

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Delaware Gov. John Carney has signed legislation that clears the way for Nikola Corp. to double its...

https://www.freightwaves.com/news/nikola-clear-to-increase-share-count-thanks-to-delaware-rule-change

TuSimple’s Nasdaq delisting threat delayed

TuSimple Holdings has won a delay until Sept. 30 to file delinquent financial reports with the Nasdaq, which is threatening to delist the autonomous trucking software maker from the exchange.

The company successfully appealed an earlier decision that would have removed its ticker symbol and forced it to trade over the counter, also known as the “pink sheets.”

In an 8-K filing Monday with the Securities and Exchange Commission, TuSimple said it will work to file quarterly reports from the third...

https://www.freightwaves.com/news/tusimples-nasdaq-delisting-threat-delayed

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