The company's Board of Directors has authorized a stock repurchase program of up to $20 million of the company's issued and outstanding common stock, par value $0.001 per share.

Hyliion recently announced that it is winding down its powertrain operations while concentrating future efforts on the development of the KARNO generator.

The company reported $324 million of cash and investments at the end of September 2023 and projected a year-end balance of approximately $285 million.

Hyliion expects to begin initial paid deployments of the KARNO generator in late 2024 and projects cash spending of approximately $40 million for the year.

"The initiation of a stock repurchase program underscores our confidence in the potential of KARNO's innovative generator technology and in our ability to complete development and delivery of initial units next year," said Founder and CEO Thomas Healy.

GTL is expected to bring the KARNO technology to California as a mobile EV charging solution for its customers where adequate power is not currently available.

Price Action: HYLN shares are trading higher by 4.15% at $0.73 on the last check Wednesday.

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