Canoo said on Friday night that it has filed for Chapter 7 bankruptcy and “will cease operations effective immediately,” after failing to secure enough funding to keep it going. The writing was on the wall for the EV startup leading up to the announcement; the company has lost multiple executives in recent months, announced furloughs and reported to the SEC in November that it had just $700,000 in the bank, per TechCrunch.
In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy’s Loan Program Office or from “foreign sources of capital” that executives had been in talks with. “In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency,” it said. Canoo owes a total of over $164 million to hundreds creditors, and has about $126 million in assets, according to TechCrunch. Under the filing in Delaware, Canoo’s assets will be liquidated and the proceeds will be distributed to its creditors. In a statement, CEO Tony Aquila said, “We are truly disappointed that things turned out as they did.”
Canoo made a few electric vans for NASA and a prototype for the US Army, and had deals for larger fleets with the likes of USPS and Walmart, but only a small number of its vans appear to have ever materialized.
This article originally appeared on Engadget at https://www.engadget.com/transportation/evs/ev-startup-canoo-has-filed-for-bankruptcy-and-stopped-all-operations-232719895.html?src=rss https://www.engadget.com/transportation/evs/ev-startup-canoo-has-filed-for-bankruptcy-and-stopped-all-operations-232719895.html?src=rssAutentifică-te pentru a adăuga comentarii
Alte posturi din acest grup
It’s not every day that we get to see a glimpse of what a mysterious space plane is up to in orbit. This week, the US Space Force shared a picture it says was snapped last year by the X-37B, showin
South Korean game development studio Pixelity says it’s working on a series of XR games based on Neon Genesis Evangelion, and the first one will be released next year. In an emailed announ
There’s a lot to take in in the announcement trailer for Shotgun Cop Man: the wide-bodied
In What We’re Listening To, Engadget editors and writers discuss the new music we can’t get enough of.
Bad Bunny -
Meta has offered up a lucrative new executive bonus plan, accord
While 20th-century heists involved scoping out a location, recruiting a person on the inside and having a daredevil getaway driver waiting outside, the 21st-century version looks more like what Byb
