JUSTIN, Texas, January 17, 2025 (GLOBE NEWSWIRE) — Canoo Inc. (Nasdaq: GOEV), (the “Company”), a high-tech advanced mobility and energy company, today announced that it has filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code. The filing, filed in the U.S. Bankruptcy Court for Delaware, will result in the federal appointment of a bankruptcy trustee to oversee the liquidation of the company’s assets and distribution of proceeds to creditors.
Despite being American-made, successfully serving esteemed organizations such as NASA, the Department of Defense (“DOD”), the United States Postal Service (“USPS”), the State of Oklahoma, and having agreements with Walmart and others, Canoo Unfortunately, we were unable to obtain financial assistance from the U.S. Department of Energy (“DOE”) Loan Program Office. Recently, the company’s executives were in talks with foreign sources of capital. In light of the fact that these efforts were unsuccessful, the Board of Directors has made the difficult decision to file for bankruptcy.
Tony Aquila, one of the company’s largest investors and chairman and CEO, said: “We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as much as we did. We are sincerely 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 belief in our products and our company. This means a lot to everyone in the company.”
As a result of this filing, Canoo regrets to inform all stakeholders that it will cease operations with immediate effect. 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 with the process.
