Connect with us

Hi, what are you looking for?

BasicTradingTips.comBasicTradingTips.com

Tech News

EV startup Canoo has filed for bankruptcy

With the Vehicle Assembly Building in the background, the three specially designed, fully electric, environmentally friendly crew transportation vehicles for Artemis missions arrived at NASA’s Kennedy Space Center in Florida on July 11th, 2023.
Photo by NASA / Isaac Watson

Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday.

Now, the US will appoint “a Bankruptcy Trustee to oversee the liquidation of the Company’s assets and the distribution of proceeds to creditors,” Canoo writes. The company says it chose to file after failing to get support from either the US Department of Energy’s Loan Programs Office or foreign investors.

Canoo had signaled its dire situation last month when it idled its Oklahoma operations and put its employees on a “mandatory unpaid break.” Before that, it had lost a steady stream of executives, including all of its founders.

“We are truly disappointed that things turned out as they did,” Canoo chairman and CEO Tony Aquila said in the announcement before thanking various government and business entities Canoo has dealt with. Those dealings have included producing shuttles for NASA’s Artemis crew and an agreement to build 4,500 electric delivery vans for Walmart.

You May Also Like

Tech News

Illustration by Samar Haddad / The Verge You may be wondering how to delete your Facebook account now that fact-checking is no longer considered...

Tech News

NBC Between Nosferatu and Wolf Man, it feels like Hollywood has come back around on good, old fashioned monster movies. And it seems like...

Tech News

The company created a sensation by making TVs that look more like art and less like tech. With The Frame Pro, Samsung is trying...

World News

Ireland is suffering from the same kind of housing crisis that has hurt the US. Not surprisingly, the crises in both countries have their...