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(RTTNews) – Hyliion Holdings Corp. (HYLN) shares are declining more than 49 percent on Wednesday morning trade. The company had announced on Tuesday that it has engaged strategic expert advisors to explore a range of options for its powertrain business.
The company said it intends to pause certain efforts, including securing orders for Hypertruck ERX-equipped trucks and new powertrain development work.
Thomas Healy, Founder and CEO of Hyliion said the company believes now is the right time to consider a host of strategic options for electric powertrain business to ensure that we deploy capital most effectively and maximize value.
Hyliion said it will continue commercialization of the fuel-agnostic KARNO generator, which the company expects to compete effectively in the stationary generator market due to its superior operating characteristics.
Currently, shares are at $0.59, down 49.66 percent from the previous close of $1.19 on a volume of 13,846,948.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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