Canoo Inc. Announces Chapter 7 Bankruptcy Filing

JUSTIN, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) — Canoo Inc. (Nasdaq: GOEV), (the “Firm”), a high-tech superior mobility and vitality firm, at present introduced that it has filed a voluntary petition for reduction below Chapter 7 of the U.S. Chapter Code. The submitting, made with 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 Firm’s property and the distribution of proceeds to collectors.

Regardless of being American-made, efficiently delivering to such esteemed organizations as NASA, the Division of Protection (“DOD”), America Postal Service (“USPS”), the State of Oklahoma and having agreements with Walmart and others, Canoo has sadly been unable to safe monetary help from the U.S. Division of Vitality’s (“DOE”) Mortgage Program Workplace. Not too long ago, the corporate’s executives had been in discussions with international sources of capital. In mild of the truth that these efforts had been unsuccessful, the Board has made the troublesome choice to file for insolvency.

Tony Aquila, one of many firm’s largest buyers and Chairman and CEO mentioned, “We want to thank the corporate’s workers for his or her dedication and laborious work. We all know that you just believed in our firm as we did. We’re actually upset that issues turned out as 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 loads to everybody within the firm.”

Because of this submitting, Canoo regrets to tell all stakeholders that it’s going to stop operations efficient instantly. A court docket appointed trustee will handle the liquidation of the corporate’s property and our crew will collaborate carefully with the Delaware Chapter Trustee to help with the method.