Ballard Power Systems (NASDAQ and TSX: BLDP) overnight Thursday announced the resignation of Weichai board nominees, Michael Chen and Huajie Wang, from Ballard's Board of Directors effective May 13.
The resignations follow the sale of approximately 6.9 million Ballard common shares by Weichai Power through its subsidiary, Weichai Power Hong Kong International Development Co., Ltd., Ballard said. As a result of the share sales, Weichai now owns less than 15% of Ballard's outstanding shares and is no longer entitled to appoint two nominees to Ballard's board of directors under the terms of its investor rights agreement with Ballard, prompting the resignations by Chen and Wang. Going forward, Weichai will no longer be entitled to appoint nominees to Ballard's board, Ballard added.
"Ballard appreciates Weichai's support and partnership and thanks Michael and Huajie for their contributions as board members in our joint effort to advance fuel cell commercialization opportunities in China and globally," said Jim Roche, Chair of Ballard's Board of Directors.
Shares in Ballard were at last look down 2.6% in US premarket, having lost 0.24% in regular US trade yesterday. Ballard edged down $0.01 to $5.67 in Canada yesterday.