Canoo announced yesterday it’s ceasing operations “instantly” and that it has filed for Chapter 7 chapter in Delaware. The EV startup estimates in its filing that its property are price $126 million and that it owes over $164 million to its collectors, TechCrunch noted yesterday.
Now, the US will appoint “a Chapter Trustee to supervise the liquidation of the Firm’s property and the distribution of proceeds to collectors,” Canoo writes. The corporate says it selected to file after failing to get help from both the US Division of Vitality’s Mortgage Packages Workplace or international buyers.
“We’re really upset that issues turned out as they did,” Canoo chairman and CEO Tony Aquila stated within the announcement earlier than thanking numerous authorities and enterprise entities Canoo has handled. These dealings have included producing shuttles for NASA’s Artemis crew and an settlement to construct 4,500 electric delivery vans for Walmart.
