Hyliion Holdings Corp HYLN shares are trading lower by 35.9% to $0.76 Wednesday morning. The company late Tuesday said it is exploring strategic options for its powertrain business due to the evolving commercial vehicle electrification industry, slow market adoption and the need for continued investment and regulatory compliance.
Hyliion says the company aims to maximize shareholder value by considering various strategic directions. While they will continue commercializing the KARNO generator for stationary applications, certain efforts like securing orders for their Hypertruck ERX and new powertrain development work will be paused.
Hyliion will hold a conference call on October 11 to discuss this strategic review.
According to data from Benzinga Pro, HYLN has a 52-week high of $3.88 and a 52-week low of $0.75.
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