Hyliion Holdings announces stock repurchase program of up to $20M

Hyliion Holdings announced that its Board of Directors has authorized a stock repurchase program of up to $20M of the Company’s issued and outstanding common stock, par value $0.001 per share. “The initiation of a stock repurchase program underscores our confidence in the potential of KARNO’s innovative generator technology and in our ability to complete development and delivery of initial units next year,” stated Thomas Healy, Founder and CEO of Hyliion. “Our strong capital position affords us the opportunity to further enhance value for our shareholders, particularly at a time when we believe the market has yet to fully value the Company’s potential.” Hyliion recently announced that it is winding down its powertrain operations while concentrating future efforts on development of the KARNO generator. The Company reported $324M of cash and investments at the end of September 2023 and projected a year-end balance of approximately $285M after completing most powertrain wind down activities. Hyliion expects to begin initial paid deployments of the KARNO generator in late 2024 and projects cash spending of approximately $40M for the year. R