Ev Startup Canoo Has Filed For Bankruptcy

Canoo announced yesterday it is ceasing operations “immediately” and that it has revenge for Chapter 7 bankruptcy successful Delaware. The EV startup estimates successful its filing that its assets are worthy $126 cardinal and that it owes complete $164 cardinal to its creditors, TechCrunch noted yesterday.

Now, nan US will sanction “a Bankruptcy Trustee to oversee nan liquidation of nan Company’s assets and nan distribution of proceeds to creditors,” Canoo writes. The institution says it chose to grounds aft failing to get support from either nan US Department of Energy’s Loan Programs Office aliases overseas investors.

Canoo had signaled its dire business past play erstwhile it idled its Oklahoma operations and put its labour connected a “mandatory unpaid break.” Before that, it had mislaid a dependable watercourse of executives, including each of its founders.

“We are genuinely disappointed that things turned retired arsenic they did,” Canoo president and CEO Tony Aquila said successful nan announcement earlier thanking various authorities and business entities Canoo has dealt with. Those dealings personification included producing shuttles for NASA’s Artemis unit and an connection to build 4,500 electrical proscription vans for Walmart.