The judge in Canoo’s bankruptcy case has blocked an attempt by a mysterious financier to disrupt the sale of the EV startup’s assets. In a hearing Tuesday, Judge Brendan Linehan Shannon ruled the financier, a UK-based man named Charles Garson, lacked standing to request the sale to Canoo’s own CEO be vacated. While Garson had told the court he was willing to pay as much as $20 million for Canoo’s assets, he missed the deadline to formally submit that bid. Garson also never made it clear where he was sourcin ...

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 ...

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]

JUSTIN, Texas, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (NASDAQ:GOEV), ("Canoo" or the "Company"), an advanced high-tech mobility company, announced today that it will effect a 1-for-20 reverse stock split of its common stock, par value $0.0001 per share ("Common Stock"), that will become effective on December 24, 2024, at 8:00 a.m., Eastern Time ("Effective Date"). Canoo's Common Stock will continue to trade on The Nasdaq Capital Market under the existing ticker symbol "GOEV" and will begin trading on ...

JUSTIN, Texas, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company today announced the company has furloughed 82 employees, both salaried and hourly, and idling its factories in Oklahoma while it works to finalize securing the capital necessary to move forward with its operations. The company is in advanced discussions with various capital sources. Canoo said, “We regret having to furlough our employees, especially during the holidays, but we have no choice at ...