Ballard says Weichai nominees quit after big share sale

Ballard Power Systems reported that Weichai Power’s two nominee directors, Michael Chen and Huajie Wang, have resigned from Ballard’s board, effective May 13.

Rhea-AI Filing Summary

Ballard Power Systems reported that Weichai Power’s two nominee directors, Michael Chen and Huajie Wang, have resigned from Ballard’s board, effective May 13. The change follows Weichai’s sale of approximately 6.9 million Ballard common shares through its subsidiary Weichai Power Hong Kong International Development.

After this sale, Weichai now holds less than 15% of Ballard’s outstanding shares. Under the investor rights agreement between the companies, this lower ownership level means Weichai is no longer entitled to appoint directors, ending its formal board representation. Ballard emphasized its ongoing focus on fuel cell commercialization and zero-emission solutions.

Positive

• None.

Negative

• Weichai reduces ownership and exits the board: Weichai sold approximately 6.9 million Ballard shares, now holds under 15% of outstanding shares, and loses its contractual right to appoint board nominees, weakening a previously significant strategic and governance relationship.

Insights

Corporate governance analyst

Strategic partner cuts stake, loses board seats; governance impact is notable.

The resignation of Weichai’s two nominee directors and its reduced stake to below 15% mark a clear step back from a major strategic shareholder. Losing the right to appoint directors alters Ballard’s governance balance and ends direct Weichai board influence.

This shift could affect the depth of the Weichai partnership, particularly around China-focused initiatives, even though Ballard publicly reiterates its strategic focus and customer support. Subsequent disclosures in company filings will clarify how collaboration with Weichai evolves after the ownership and board changes.

Key Figures

Shares sold by Weichai: approximately 6.9 million shares Weichai ownership: less than 15% of outstanding shares Nominee directors resigning: 2 directors +2 more

5 metrics

Shares sold by Weichai approximately 6.9 million shares Ballard common shares sold via Weichai Hong Kong

Weichai ownership less than 15% of outstanding shares Weichai stake after the share sale

Nominee directors resigning 2 directors Michael Chen and Huajie Wang resigned effective May 13

Exhibit reference Exhibit 99.1 News release detailing Weichai’s share sale and resignations

Board nomination rights no longer entitled Weichai loses right to appoint nominees under investor rights agreement

Key Terms

investor rights agreement, nominee directors, outstanding shares, zero-emission fuel cell solutions, +1 more

5 terms

investor rights agreement financial

"under the terms of its investor rights agreement with Ballard"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

nominee directors financial

"the resignation of Weichai Power Co., Ltd. ("Weichai") board nominees"

outstanding shares financial

"Weichai now owns less than 15% of Ballard's outstanding shares"

Outstanding shares are the total number of a company's stock units that are owned by all external investors and insiders, excluding any shares the company holds itself. They matter to investors because they determine each shareholder’s slice of ownership, how company value is divided per share (affecting price and earnings-per-share calculations), and the weight of voting power—like how slicing a pizza into more or fewer pieces changes the size of each person’s share.

zero-emission fuel cell solutions technical

"strengthening its position as a leader in zero-emission fuel cell solutions"

PEM fuel cells technical

"Ballard zero-emission PEM fuel cells are enabling electrification of mobility"

A PEM fuel cell is a device that converts hydrogen and oxygen into electricity, heat, and water using a thin polymer membrane that conducts protons. Think of it like a compact power plant where hydrogen acts as a fuel and the membrane lets charged particles pass while keeping gases separate. Investors care because PEM cells are widely used for clean power in vehicles, backup systems, and portable devices, and their cost, durability, and efficiency affect commercial adoption and market potential.

FAQ

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

What did Ballard Power Systems (BLDP) announce regarding Weichai’s board nominees?

Ballard announced that Weichai’s two nominee directors, Michael Chen and Huajie Wang, resigned from its board effective May 13. Their departure follows Weichai’s sale of Ballard shares that reduced its ownership stake below the threshold required to maintain board nomination rights.

How many Ballard shares did Weichai sell according to the May 2026 6-K?

Weichai sold approximately 6.9 million Ballard common shares through its Hong Kong subsidiary. This share sale reduced Weichai’s ownership to below 15% of Ballard’s outstanding shares and triggered the loss of its contractual right to appoint directors to Ballard’s board.

What is Weichai’s current ownership level in Ballard Power Systems (BLDP)?

After the sale, Weichai now owns less than 15% of Ballard’s outstanding shares. Dropping below this ownership threshold ended Weichai’s entitlement under its investor rights agreement to appoint two nominees to Ballard’s board of directors.

Why did Weichai’s nominee directors resign from Ballard’s board?

The resignations were prompted by Weichai’s reduced ownership following the sale of about 6.9 million shares. Under the investor rights agreement, Weichai needed a higher ownership level to nominate directors, so the stake reduction led to Michael Chen and Huajie Wang stepping down.

Will Weichai still be able to appoint directors to Ballard’s board?

No, Weichai will no longer be entitled to appoint nominees to Ballard’s board of directors. Its reduced stake to below 15% of outstanding shares means the ownership condition in the investor rights agreement is no longer satisfied, ending its board nomination rights.

How did Ballard Power Systems characterize its relationship with Weichai after the changes?

Ballard thanked Weichai and its departing nominees for their support and partnership to date. The company stated it remains focused on executing its strategy, supporting customers globally, and strengthening its position in zero-emission fuel cell solutions despite Weichai’s reduced ownership and board exit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/14/2026 - 09:44 PM EDT Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 000-53543

Ballard Power Systems Inc.
———————————————————————————————————

(Translation of registrant’s name into English)

9000 Glenlyon Parkway
Burnaby, BC
V5J 5J8
Canada

———————————————————————————————————
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  
☐  Form 20-F   ☒  Form 40-F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Ballard Power Systems Inc.
Date: May 14, 2026	By:	/s/ Kate Igbalode
	Name:	Kate Igbalode
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
99.1		News Release Dated May 14, 2026 - Ballard Announces Resignation of Weichai's Nominee Directors and Sale of Weichai's Shares

Exhibit 99.1

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

VANCOUVER, BC, May 14, 2026 /CNW/ - 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

View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-announces-resignation-of-weichais-nominee-directors-and-sale-of-weichais-shares-302773068.html

SOURCE Ballard Power Systems Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2026/14/c2837.html

%CIK: 0001453015

CO: Ballard Power Systems Inc.

CNW 21:30e 14-MAY-26

Filing Exhibits & Attachments

1 document

Press Releases

• EX-991 NEWS RELEASE DATED MAY 14, 2026 4.2 KB