Management ChangeMay 15, 2026, 06:18 AM
Ballard: Weichai Nominee Directors Resign After Share Sale
AI Summary
Ballard Power Systems announced the resignation of Weichai Power's nominee directors, Michael Chen and Huajie Wang, from its Board of Directors, effective May 13th. This follows Weichai Power's sale of approximately 6.9 million Ballard common shares, reducing its ownership to less than 15%. As a result, Weichai is no longer entitled to appoint nominees to Ballard's Board under their investor rights agreement. Ballard thanked Weichai for its contributions and stated its continued focus on executing its strategy.
Key Highlights
- Weichai Power's nominee directors, Michael Chen and Huajie Wang, resigned from Ballard's Board effective May 13th.
- Weichai Power sold approximately 6.9 million Ballard common shares through its subsidiary.
- Weichai now owns less than 15% of Ballard's outstanding shares.
- Weichai is no longer entitled to appoint two nominees to Ballard's Board of Directors.
- Ballard expressed appreciation for Weichai's support and partnership.
Price Impact
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