First Hydrogen Launches $3 Million Private Placement to Fund Operations

First Hydrogen ( (TSE:FHYD) ) just unveiled an update.

First Hydrogen Corp. has arranged a non-brokered private placement of up to 10 million units to raise as much as $3 million, with each unit comprising one common share and a warrant exercisable at $0.45 for two years. Conducted under the listed issuer financing exemption, the offering’s securities will not be subject to a statutory hold period in Canada, and proceeds are earmarked for working capital and general corporate purposes, bolstering the company’s liquidity as it advances its hydrogen vehicle and green energy initiatives.

The most recent analyst rating on (TSE:FHYD) stock is a Hold with a C$0.35 price target. To see the full list of analyst forecasts on First Hydrogen stock, see the TSE:FHYD Stock Forecast page.

Spark’s Take on TSE:FHYD Stock

According to Spark, TipRanks’ AI Analyst, TSE:FHYD is a Neutral.

The score is held down primarily by very weak financial performance (minimal revenue, sustained losses, negative cash flow, and negative equity) and bearish technicals (below key moving averages with negative MACD). Valuation provides limited support due to negative earnings and no dividend yield, while recent corporate events are modestly positive but do not offset the core financial and trend risks.

To see Spark’s full report on TSE:FHYD stock, click here.

More about First Hydrogen

First Hydrogen Corp. is a Vancouver-, Montreal-, Germany- and London-based company focused on zero-emission vehicles and green hydrogen production and distribution. It has designed and built two hydrogen fuel cell-powered light commercial vehicles that are road-legal in most of the United Kingdom, have completed 6,000 km of testing, achieved a range of over 630 km on a single refuelling, and have been trialled with UK fleet operators. The release also references affiliated entity First Nuclear Corp., which is developing advanced clean energy solutions, including green hydrogen produced using small modular reactors.

Average Trading Volume: 31,991

Technical Sentiment Signal: Sell

Current Market Cap: C$27.54M

For detailed information about FHYD stock, go to TipRanks’ Stock Analysis page.