Core Viewpoint - The judge in Canoo's bankruptcy case has blocked an attempt by financier Charles Garson to disrupt the sale of the EV startup's assets, ruling that he lacked standing to challenge the sale to Canoo's CEO, Anthony Aquila [1][2][8]. Group 1: Legal Proceedings - Judge Brendan Linehan Shannon ruled that Charles Garson, a UK-based financier, did not have standing to request the sale to Canoo's CEO be vacated, as he missed the deadline to submit a formal bid [2][8]. - Garson claimed he was willing to pay up to $20 million for Canoo's assets but failed to clarify the source of his funding, raising concerns from the bankruptcy trustee about potential issues with the Committee on Foreign Investment in the United States [2][4]. - The last challenge to the asset sale comes from Harbinger Motors, a startup formed by former Canoo employees, which has appealed the judge's denial of their objection to the sale [3]. Group 2: Arguments and Perspectives - Garson's lawyer framed the situation as a "David versus Goliath" matter, arguing that Garson believed he had until the end of April to formalize his bid based on conversations with the bankruptcy trustee [4]. - The bankruptcy trustee's lawyer, Mark Felger, countered that the sale process was fair and that the negotiations were conducted properly, emphasizing that the cost of maintaining Canoo's assets was too high [5][7]. - Judge Shannon expressed sympathy for Garson's frustration but noted that he did not fully understand the complex process and requirements to engage in the bidding [9]. Group 3: Outcome and Reactions - Judge Shannon ruled against Garson, stating he lacked standing as he was not owed any money by Canoo and did not submit a formal bid before the deadline [8][9]. - Garson acknowledged the court's decision and congratulated Aquila, expressing disappointment at not being able to participate in the bidding process [10].

A mysterious investor out of London has asked a bankruptcy judge in Delaware to stop the sale of EV startup Canoo’s assets to its CEO, calling it a “flawed” process.Charles Garson, a UK-based investor with no obvious ties to the EV startup, offered $20 million for Canoo’s assets, according to a filing. A lawyer representing Garson filed a motion Friday to vacate the sale, claiming he presented a “far superior offer” to that of Canoo CEO Anthony Aquila, who bid just $4 million in cash for the assets. (Aquila ...

Electric trucking company Harbinger has filed an objection to the sale of Canoo's assets to its CEO, potentially throwing a wrench into the two-month-old bankruptcy case. Harbinger's objection, filed late Friday, accuses Canoo of hiding certain assets from the sale process, including what the startup purchased from another bankrupt EV company, Arrival. It also accuses Canoo of listing assets that Harbinger believes the startup did not actually own (though it did not specify which ones). Harbinger said it ca ...

The CEO of Canoo is buying nearly all of the defunct EV startup’s assets out of bankruptcy, according to a court filing.A new entity controlled by the CEO, Anthony Aquila, has offered to purchase “substantially all” of the assets for $4 million in cash. The sale will also wipe clean a more-than-$11 million debt Canoo owed to a financial firm run by Aquila, which loaned money to the startup during its final months. The sale proposal comes just six weeks after Canoo filed for a Chapter 7 bankruptcy liquidat ...

Another electric vehicle (EV) startup from the pandemic boom has folded. The EV market had been a hotbed of innovation and optimism, particularly for startups eager to replicate the success of industry leader Tesla (TSLA) . However, most have failed to make the leap from concept to commercial success.Last April, Canoo (GOEV) raised concerns about its survival, revealing that it lacked enough cash to last the next 12 months. On Friday, this Texas-based company finally decided to shut down operations and file ...

编译 / 钱亚光 设计 / 师 超 来源 / thomsonreuters.com, www.autoevolution.com, www.theverge.com 美国电动汽车初创公司Canoo当地时间1月17日宣布申请破产保护，并立即停止运营。TechCrunch指出，这家电动汽车初创公司在其文件中估计其资产价 值1.26亿美元，欠债权人超过1.64亿美元。 Canoo表示，高管曾试图从美国能源部的贷款计划中获得资金援助，但未能成功。该公司还未能与外国投资者达成协议。"鉴于这些努力均未成功，董事 会做出了申请破产保护的艰难决定"。Canoo 首席执行官兼公司最大投资者之一托尼·阿奎拉（Tony Aquila）在声明中表示："我们对事情的发展深感失 望。" | January 17, 2025 8:15pm EST Download as PDF | | | --- | --- | | | PDF: Canoo Inc. Announces Cha Bankruptcy Filing | | JUSTIN, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Canoo Inc ...

Bankruptcy Filing and Immediate Cessation of Operations - Canoo, a seven-year-old electric vehicle startup, has filed for Chapter 7 bankruptcy and will cease operations immediately [1] - The company is liquidating its assets in the Delaware Bankruptcy Court [1] Financial Struggles and Funding Issues - Canoo had only $700,000 in the bank as of mid-November [3] - The company was unable to secure funding from the U S Department of Energy's Loan Program Office [2] - Discussions with foreign sources of capital were unsuccessful [2] Operational Challenges and Workforce Impact - Canoo furloughed the remainder of its workers and idled its factory in Oklahoma just weeks before the bankruptcy filing [3] - The company struggled throughout 2024 to deliver more than a few electric vans to prospective customers [3] - Numerous executive departures were reported [3]

Company Overview - Canoo Inc, a high-tech advanced mobility and energy company, has filed a voluntary petition for relief under Chapter 7 of the US Bankruptcy Code [1] - The filing was made with the US Bankruptcy Court for Delaware, resulting in the federal appointment of a Bankruptcy Trustee to oversee the liquidation of the company's assets and distribution of proceeds to creditors [1] Financial Situation - Despite delivering to esteemed organizations like NASA, Department of Defense, United States Postal Service, State of Oklahoma, and having agreements with Walmart, Canoo was unable to secure financial support from the US Department of Energy's Loan Program Office [2] - Recent discussions with foreign sources of capital were unsuccessful, leading the Board to make the difficult decision to file for insolvency [2] Impact and Next Steps - Canoo will cease operations effective immediately as a result of the bankruptcy filing [3] - A court-appointed trustee will manage the liquidation of the company's assets, with the Canoo team collaborating closely with the Delaware Bankruptcy Trustee to assist with the process [3] Leadership Statement - Tony Aquila, the company's largest investor and Chairman and CEO, expressed gratitude to employees for their dedication and hard work, as well as to NASA, Department of Defense, United States Postal Service, State of Oklahoma, and Walmart for their belief in the company's products [3]

Company Situation - Canoo has placed its remaining employees on a "mandatory unpaid break" through at least the end of the year, locking them out of the company's systems by the end of Friday [1] - Benefits for employees will last through the end of December [1] - The company recently furloughed nearly 100 employees and idled an assembly facility in Oklahoma due to lack of funding [2] - The exact number of remaining employees after the furloughs is unclear [2] Industry Context - The situation at Canoo reflects ongoing challenges in the electric vehicle (EV) industry, particularly for startups facing funding difficulties [2] - The company's struggles highlight the competitive and capital-intensive nature of the EV market [2]

Core Viewpoint - Canoo Inc. will implement a 1-for-20 reverse stock split of its common stock effective December 24, 2024, to comply with Nasdaq's minimum bid price requirement and attract a broader range of investors [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will automatically combine every 20 shares of common stock into one share, affecting all stockholders uniformly without altering their percentage ownership interest [10]. - The reverse stock split is aimed at ensuring compliance with Nasdaq's requirement that the closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days by June 2, 2025 [2][9]. - Fractional shares resulting from the reverse stock split will be aggregated and sold by the transfer agent, with stockholders receiving cash payments based on their fractional share interests [3][10]. Group 2: Company Background - Founded in 2017, Canoo Inc. is an automotive tech company focused on manufacturing electric cargo vehicles for commercial, government, and fleet customers globally [5]. - The company utilizes innovative design and steer-by-wire technology on a common modular platform, maximizing vehicle interior space and customization for various applications [5]. - Canoo is headquartered in Justin, Texas, with additional teams in California, Michigan, and Oklahoma, featuring world-class vehicle and battery facilities [5].