Canoo Inc. Announces Chapter 7 Bankruptcy Filing

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]