EV startup Canoo has filed for chapter


Canoo announced yesterday it’s ceasing operations “right away” and that it has filed for Bankruptcy 7 chapter in Delaware. The EV startup estimates in its filing that its property are value $126 million and that it owes over $164 million to its collectors, TechCrunch noted yesterday.

Now, the USA will appoint “a Chapter Trustee to supervise the liquidation of the Corporate’s property and the distribution of proceeds to collectors,” Canoo writes. The corporate says it selected to document after failing to get beef up from both the USA Division of Power’s Mortgage Systems Place of job or international buyers.

“We’re actually dissatisfied that issues became out as they did,” Canoo chairman and CEO Tony Aquila stated within the announcement ahead of thanking quite a lot of executive and trade entities Canoo has handled. The ones dealings have integrated generating shuttles for NASA’s Artemis crew and an settlement to construct 4,500 electric delivery vans for Walmart.



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