Canoo Inc. Announces 1-for-20 Reverse Stock Split Effective December 24, 2024

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].