Canoo's CFO and top lawyer are the latest executives to leave

Executive Departures - Canoo has lost its chief financial officer, Greg Ethridge, and general counsel, Hector Ruiz, as part of ongoing executive departures amid struggles for mass adoption of its electric work vans [1][2] - Ethridge has been replaced by Kunal Bhalla, who previously served as chief of staff to CEO Tony Aquila, with a base salary of $300,000 [2] - The company has also seen the departure of its last remaining co-founder and chief technology officer around the same time [3] Operational Changes - Canoo has furloughed 30 workers in Oklahoma for 12 weeks as part of a broader realignment of its North American operations [2] - The company closed its original headquarters in Los Angeles to prioritize operations in Texas and Oklahoma [3] Financial Struggles - As of June 30, 2024, Canoo reported approximately $19 million in total cash, with only $4.5 million being unrestricted [4] - In October, Canoo disclosed a loan of around $1.2 million from a fund connected to CEO Aquila at an 11% interest rate, followed by an additional borrowing of $2.7 million from the same fund [4] - Canoo has entered into a revolving credit facility with Aquila's fund [4] Legal Issues - Canoo is facing multiple lawsuits from suppliers alleging unpaid bills, including a recent lawsuit from Kistler Instrument Corporation seeking $56,000 in damages [5]