Ballard Power stock jumps after Weichai share sale leads to board shake-up
Weichai-affiliated holders reduced their stake in Ballard Power Systems to 11.61%, triggering the loss of board nomination rights and prompting the resignation of two Weichai-nominated directors. Ballard’s Nasdaq shares jumped 8.5% to $4.48 on heavy volume after the disclosure. Weichai sold over 11 million shares in recent weeks and filed to sell up to 15 million more. Ballard reported Q1 revenue of $19.4 million, up 26%.