Weichai Power Cuts Stake Below 15% After 6.9M-Share Sale, Two Directors Resign
Weichai Power sold approximately 6.9 million Ballard common shares, cutting its ownership below 15% and forfeiting its right to appoint two board directors. Consequently, Weichai nominees Michael Chen and Huajie Wang resigned from Ballard’s board effective May 13.
1. Weichai Power Share Sale Reduces Stake Below 15%
Weichai Power Hong Kong sold approximately 6.9 million Ballard common shares, reducing Weichai’s ownership to under 15% of outstanding shares and terminating its right to appoint two board nominees under the investor rights agreement.
2. Nominee Directors Resign Effective May 13
As a result of the stake reduction, Weichai nominees Michael Chen and Huajie Wang resigned from Ballard’s Board of Directors effective May 13, relinquishing the two seats they held.
3. Governance Changes and Strategic Focus
Ballard will no longer host Weichai-appointed directors but maintains its focus on executing its zero-emission fuel cell strategy and supporting customers worldwide while ensuring stable board governance.