Ballard Announces Resignation of Weichai's Nominee Directors and Sale of Weichai's Shares

Ballard Power Systems (NASDAQ: BLDP) announced the resignation of Weichai nominee directors Michael Chen and Huajie Wang from its board, effective May 13, 2026.

Rhea-AI Summary

Ballard Power Systems (NASDAQ: BLDP) announced the resignation of Weichai nominee directors Michael Chen and Huajie Wang from its board, effective May 13, 2026.

The move follows Weichai’s sale of about 6.9 million Ballard shares, reducing its stake below 15% and ending its board nomination rights under an investor rights agreement.

Positive

• None.

Negative

• Weichai stake reduced to under 15% of outstanding shares
• Weichai loses contractual right to appoint Ballard board nominees

Argus May 15 session

+7.75% close to close Open Argus

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News Market Reaction – BLDP

On May 15, the first trading day after this news, BLDP closed 7.75% above the previous close.

Data tracked by StockTitan Argus for the May 15 session.

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VANCOUVER, BC, May 14, 2026 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the resignation of Weichai Power Co., Ltd. ("Weichai") board nominees, Michael Chen and Huajie Wang, from Ballard's Board of Directors effective May 13^th. 

The resignations follow the sale of approximately 6.9 million Ballard common shares by Weichai Power (the "Share Sale") through its subsidiary, Weichai Power Hong Kong International Development Co., Ltd., ("Weichai 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 Mr. Chen and Mr. Wang.  Going forward, Weichai will no longer be entitled to appoint nominees to Ballard's Board of Directors.

"Ballard appreciates Weichai's support and partnership and thanks Michael and Huajie for their contributions as board members in our joint effort to advance fuel cell commercialization opportunities in China and globally," said Jim Roche, Chair of Ballard's Board of Directors.

Ballard remains focused on executing its strategy, supporting customers worldwide, and strengthening its position as a leader in zero-emission fuel cell solutions.

About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Further Information
Sumit Kundu – Investor Relations, +1.604.453.3517 or investors@ballard.com

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SOURCE Ballard Power Systems Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Weichai's nominee directors resign from Ballard (NASDAQ: BLDP) in May 2026?

They resigned because Weichai’s ownership fell below a key threshold that granted board nomination rights. According to Ballard, Weichai’s reduced stake ended its entitlement to appoint two nominees under an investor rights agreement, prompting the resignations of Michael Chen and Huajie Wang.

How many Ballard (BLDP) shares did Weichai sell in May 2026?

Weichai sold approximately 6.9 million Ballard common shares through its Hong Kong subsidiary. According to Ballard, this share sale lowered Weichai’s ownership to under 15% of outstanding shares, which in turn removed its contractual right to nominate directors to Ballard’s board.

What percentage of Ballard (BLDP) does Weichai own after the May 2026 share sale?

Weichai now owns less than 15% of Ballard’s outstanding shares following the transaction. According to Ballard, this reduced holding is below the ownership level required in its investor rights agreement for Weichai to maintain the right to appoint board nominees.

Can Weichai still appoint directors to Ballard's board after reducing its BLDP stake?

No, Weichai is no longer entitled to appoint nominees to Ballard’s board. According to Ballard, the investor rights agreement tied this right to an ownership threshold, and Weichai’s post-sale stake below 15% ended its ability to nominate directors going forward.

What does the resignation of Weichai nominees mean for Ballard (BLDP) governance?

The board will continue without the two Weichai-nominated directors after their May 13 resignations. According to Ballard, the change follows Weichai’s reduced ownership and loss of nomination rights, while the company states it remains focused on executing its fuel cell strategy.