Weichai Power Hong Kong Reduces Stake in Ballard Power Systems to 11.61% and Loses Board Seats

Weichai Power Hong Kong International Development Co., Ltd. filed an Amendment No. 2 to its Schedule 13D, reporting a significant reduction in its stake in Ballard Power Systems Inc. (BLDP). Between May 8 and May 14, 2026, the reporting person sold an aggregate of 11,131,886 common shares through open market transactions at prices ranging from $4.1198 to $4.2742 per share. Following these transactions, Weichai Hong Kong's ownership decreased from 13.02% to 11.61%, representing 34,999,826 shares. Notably, because the reporting person's ownership fell below the 15% threshold specified in the Investor Rights Agreement, its two designated directors, Michael Chen and Huajie Wang, resigned from Ballard's board effective May 13, 2026. The reporting person intends to continue selling shares in the open market pursuant to Rule 144, having previously filed a Form 144 for the proposed sale of up to 15,028,886 shares. Anti-dilution rights remain in effect as long as ownership stays above 10%.