Ballard Power (BLDP) announced the resignation of Weichai Power board nominees, Michael Chen and Huajie Wang, from Ballard’s board effective May 13. The resignations follow the sale of approximately 6.9M Ballard common shares by Weichai Power through its subsidiary, Weichai Power Hong Kong. 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 of directors.
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