JUSTIN, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) — Canoo Inc . (Nasdaq: NASDAQ: ), (the “Company”), a high-tech advanced mobility and energy company, today announced that it has filed for voluntary Chapter 7 relief under the US Bankruptcy Code. The filing, filed in the US Bankruptcy Court for Delaware, will result in the appointment of a federal receiver to oversee the liquidation of the Company’s assets and the distribution of proceeds to creditors.
Despite being made in America, successfully delivering to respected organizations such as NASA, the Department of Defense (DOD), the United States Postal Service (USPS), the State of Oklahoma, and having contracts with Walmart (NYSE:) and others, Canoo has unfortunately not been able to secure financial support from the Office of Loans of the US Department of Energy (DOE). Recently, the company’s leaders have been in talks with foreign sources of capital. In light of the fact that these efforts were unsuccessful, the Board made the difficult decision to file for insolvency.
Tony Aquila, one of the company’s largest investors and president and CEO, said: We would like to thank the company’s employees for their dedication and hard work. We know you believed in our company as we did. We’re really disappointed that things turned out the way they did. We would also like to thank NASA, the Department of Defense, the United States Postal Service (USPS), the State of Oklahoma, and Walmart for their trust in our products and our company. It means a lot to everyone in the company.
As a result of this report, Canoo regrets to inform all interested parties that it will cease operations immediately. A court-appointed trustee will manage the liquidation of the company’s assets, and our team will work closely with the Delaware bankruptcy trustee to assist in the process.
Contact:press@canoo.com
Source: Canoo, Inc.
