EV startup Canoo has filed for bankruptcy and stopped all operations
Canoo said on Friday night that it has filed for Chapter 7 bankruptcy and “will cease operations effective immediately,” after failing to secure enough funding to keep it going. The writing was on the wall for the EV startup leading up to the announcement; the company has lost multiple executives in recent months, announced furloughs and reported to the SEC in November that it had just $700,000 in the bank, per TechCrunch.<br /> In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy’s Loan Program Office or from “foreign sources of capital” that executives had been in talks with. “In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency,” it said. [...]
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