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Hyliion Holdings Corp., a supplier of electrified powertrain options for heavy-duty automobiles, introduced Sherri Baker will be a part of the corporate as chief monetary officer, efficient Feb. 8.
Baker served as chief monetary officer for PGT Improvements, a publicly traded, nationwide producer of premium home windows and doorways since March 2019 earlier than becoming a member of Hyliion.
“With intensive expertise in senior monetary management roles, Sherri has a confirmed observe file of serving to to drive worthwhile enterprise development and can play a crucial function in Hyliion’s success,” Hyliion founder and CEO Thomas Healy stated.
Van de Vere and Baker
She’s going to succeed Greg Van de Vere, who will retire after serving practically 4 years with Hyliion.
“I need to thank Greg for his dedication and immense contributions to Hyliion since early within the firm’s founding,” Healy stated. “Greg has been crucial in shaping our enterprise, from startup to public firm, and has established a robust basis for our future success. We want him all the most effective in his retirement.”
In October, Hyliion completed its business combination with Tortoise Acquisition Corp., a particular function acquisition firm. That transaction put $560 million into Hyliion’s account and cleared the best way for the mixed firm to be renamed Hyliion Holdings Corp. and its frequent inventory to be listed as HYLN on the New York Inventory Alternate Oct. 2, when it opened within the $40 vary. As of Jan. 12, the inventory was buying and selling within the $17 vary.
Hyliion’s swap from startup to publicly traded got here as a study by Coyote Logistics discovered 81% of firms are extra centered on sustainability now in contrast with three years in the past, and to achieve success, their provide chains should play an integral function in proudly owning sustainable initiatives throughout their networks.
How can we management an unruly trucking tech stack and streamline fleet administration practices? Host Seth Clevenger speaks with Ray Greer, CEO of Omnitracs, which acquired SmartDrive final 12 months. Hear a snippet, above, and get the complete program by going to RoadSigns.TTNews.com.
On the similar time, Bloomberg Information reported rising skepticism of the blank-check phenomenon usually as such offers have proliferated. Particular function acquisition firms, generally referred to as SPACs, are actually getting scrutiny from the U.S. Securities and Alternate Fee, which desires to make sure buyers are receiving acceptable disclosures about insiders’ pay constructions.
An SPAC is an organization with no business operations that’s shaped strictly to boost capital by means of an preliminary public providing for the aim of buying an current firm.
Baker joins Hyliion “at a really thrilling time for the corporate as we speed up our commercialization technique and scale the enterprise,” Healy added.
On Jan. 7, Hyliion reported it acquired about $142 million in money proceeds after the train of public warrants for about 12.5 million shares, priced at $11.50, of frequent inventory. The warrants expired Dec. 30.
A warrant is a contract that provides the holder the proper to buy from the corporate a sure variety of further shares of frequent inventory sooner or later at a sure value, based on the SEC.
One analyst referred to as the proceeds of the train of the warrants a pleasant injection of capital, however the redemption of hundreds of thousands of shares at $11.50 apiece was not “essentially” seen positively by merchants who had purchased shares of HYLN for extra.
Hyliion’s present merchandise embrace a hybrid electrical axle and a longhaul, absolutely electrical powertrain, the Hypertruck Electric Range Extender, that makes use of a small natural-gas-fueled engine to cost the battery pack.
In the meantime, Healy stated over the subsequent 12 months, Hyliion will “discover further applied sciences and enterprise synergies that would vary from enhancing our current options, renewable pure fuel growth, hydrogen growth, improved battery options, increasing our product portfolio and extra.”
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