Canoo Inc. Announces Chapter 7 Bankruptcy Filing

JUSTIN, Texas, January 17, 2025 (GLOBE NEWSWIRE) — Canoo Inc. (Nasdaq: GOEV), (the “Firm”), a high-tech superior mobility and power firm, right now introduced that it has filed a voluntary petition for reduction underneath Chapter 7 of the U.S. Chapter Code. The submitting, filed within the U.S. Chapter Court docket for Delaware, will end result within the federal appointment of a chapter trustee to supervise the liquidation of the corporate’s property and distribution of proceeds to collectors.

Regardless of being American-made, efficiently serving esteemed organizations corresponding to NASA, the Division of Protection (“DOD”), america Postal Service (“USPS”), the State of Oklahoma, and having agreements with Walmart and others, Canoo Sadly, we have been unable to acquire monetary help from the U.S. Division of Vitality (“DOE”) Mortgage Program Workplace. Just lately, the corporate’s executives have been in talks with overseas sources of capital. In gentle of the truth that these efforts have been unsuccessful, the Board of Administrators has made the tough resolution to file for chapter.

Tony Aquila, one of many firm’s largest traders and chairman and CEO, stated: “We want to thank the corporate’s staff for his or her dedication and onerous work. We all know that you simply believed in our firm as a lot as we did. We’re sincerely upset that issues turned out the way in which they did. We might additionally wish to thank NASA, the Division of Protection, america Postal Service (“USPS”), the State of Oklahoma and Walmart for his or her perception in our merchandise and our firm. This implies lots to everybody within the firm.”

On account of this submitting, Canoo regrets to tell all stakeholders that it’ll stop operations with instant impact. A court-appointed trustee will handle the liquidation of the corporate’s property and our group will work carefully with the Delaware Chapter Trustee to help with the method.