Bringing the Best Products to Your Family – Shop & Save with Us

EV startup Canoo has filed for bankruptcy and stopped all operations

Canoo said on Friday night that it has 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, and reported to the SEC in November that it had just $700,000 in the bank, per .

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.

Trending Products

0
Add to compare
- 29%
SAMSUNG FT45 Sequence 24-Inch FHD 1080p Laptop Monitor, 75Hz, IPS Panel, HDMI, DisplayPort, USB Hub, Peak Adjustable Stand, 3 Yr WRNTY (LF24T454FQNXGO),Black

SAMSUNG FT45 Sequence 24-Inch FHD 1080p Laptop Monitor, 75Hz, IPS Panel, HDMI, DisplayPort, USB Hub, Peak Adjustable Stand, 3 Yr WRNTY (LF24T454FQNXGO),Black

Original price was: $169.99.Current price is: $119.99.
0
Add to compare
- 17%
ASUS RT-AX88U PRO AX6000 Twin Band WiFi 6 Router, WPA3, Parental Management, Adaptive QoS, Port Forwarding, WAN aggregation, lifetime web safety and AiMesh assist, Twin 2.5G Port

ASUS RT-AX88U PRO AX6000 Twin Band WiFi 6 Router, WPA3, Parental Management, Adaptive QoS, Port Forwarding, WAN aggregation, lifetime web safety and AiMesh assist, Twin 2.5G Port

Original price was: $269.99.Current price is: $223.55.
.

We will be happy to hear your thoughts

Leave a reply

CesarsFamilyShop
Logo
Register New Account
Compare items
  • Total (0)
Compare
0
Shopping cart