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Seven-year-old electric car startup Canoo has filed for bankruptcy and will be “Cease Operations Immediately” The company is liquidating its assets in a Chapter 7 bankruptcy filing in Delaware Bankruptcy Court.
The company said in a press release “Discussions with external sources of capital” have proved unsuccessful and also highlighted the failure to secure funding from the U.S. Department of Energy’s Office of Loan Program, published late Friday. The Biden administration.
The bankruptcy filing comes just weeks after Canoo fired the rest of his staff and opened a factory in Oklahoma. The company has struggled and struggled to get several electric vans into the hands of potential customers through 2024. multiple executive departures. This there was only $700,000 in the bank in mid-November.
This story is developing…
