GOEV News & Events

In a regulatory filing, Canoo disclosed that on January 22, the company received a letter from the staff of the Listing Qualifications Department of the Nasdaq, notifying the company that the staff has determined that the company's securities will be delisted from Nasdaq based on the following factors: the company's filing for protection under Chapter 7 of the U.S. Bankruptcy Code on January 17 and public interest concerns raised by it; concerns regarding the residual equity interest of the existing listed securities holders; and concerns about the company's ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market. The company does not intend to appeal the staff's determination, given the commencement of the bankruptcy proceedings. Therefore, the company anticipates that trading in the company's common stock will be suspended at the opening of business on January 29, and subsequently delisted from Nasdaq, as indicated in the staff's letter.

Canoo announced Friday that it has filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code. The filing, made with 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 the distribution of proceeds to creditors. As a result of this filing, Canoo regrets to inform all stakeholders that it will cease operations effective immediately. A court appointed trustee will manage the liquidation of the company's assets and team will collaborate closely with the Delaware Bankruptcy Trustee to assist with the process.