Welcome to our dedicated page for Canoo news (Ticker: GOEV), a resource for investors and traders seeking the latest updates and insights on Canoo stock.
This page provides a historical news archive for Canoo Inc. (NASDAQ: GOEV), an automotive tech company that focused on manufacturing electric cargo vehicles for large commercial, government, and fleet customers. The news coverage reflects Canoo’s activities as a high-tech advanced mobility and energy company before its transition into Chapter 7 bankruptcy and liquidation.
In the news flow, readers will find company announcements about its electric commercial vehicles, including design-forward products built on a common modular platform with steer-by-wire technology and integrated software and power solutions. Coverage includes updates on Canoo’s expansion into the United Kingdom through Canoo Technologies UK Limited, the launch of an activation center at Bicester Motion, and regulatory milestones such as Individual Vehicle Approval certificates for right-hand drive commercial delivery vans.
The archive also contains operational and strategic updates, such as the final activation of Canoo’s Oklahoma City facility as a Foreign-Trade Zone, actions to consolidate facilities, and workforce-related announcements including furloughs and factory idling while the company sought additional capital. Financial communications, including quarterly results and related conference call information, are part of the record as well.
A key component of this news history is Canoo’s January 17, 2025 announcement that it filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code, stating that it would cease operations effective immediately and that a Bankruptcy Trustee would oversee the liquidation of its assets. Investors and researchers can use this news page to trace Canoo’s trajectory from its founding focus on electric commercial vehicles through its expansion efforts and ultimately to its decision to liquidate under Chapter 7.
For users analyzing GOEV, this archive helps contextualize past corporate decisions, customer relationships, regulatory milestones, and capital structure actions, including the 1-for-20 reverse stock split implemented in December 2024.
Canoo Inc. (NASDAQ: GOEV) announced its voluntary filing for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for Delaware on January 17, 2025. The company will immediately cease operations, with a court-appointed trustee overseeing asset liquidation and creditor distributions.
Despite successful deliveries to notable clients including NASA, Department of Defense, USPS, State of Oklahoma, and agreements with Walmart, Canoo failed to secure important financial support from the U.S. Department of Energy's Loan Program Office. Recent attempts to obtain foreign capital were also unsuccessful, leading the Board to file for insolvency.
CEO Tony Aquila, one of the company's largest investors, expressed disappointment and gratitude to employees and key customers. The company will work with the Delaware Bankruptcy Trustee during the liquidation process.
Canoo Inc. (NASDAQ: GOEV) announced a 1-for-20 reverse stock split effective December 24, 2024. The company's common stock will continue trading on Nasdaq under 'GOEV' with a new CUSIP number 13803R300. This strategic move aims to comply with Nasdaq's minimum bid price requirement of $1.00 per share, which must be maintained for at least 10 consecutive business days by June 2, 2025.
The reverse split will automatically combine every 20 shares into one share, maintaining stockholders' percentage ownership interests except for fractional shares. Continental Stock Transfer & Trust Company will aggregate and sell fractional shares on the open market, with proceeds distributed proportionally to affected stockholders. The company's equity incentive plans and outstanding options will be proportionally adjusted.
Canoo (Nasdaq: GOEV) announced the furlough of 82 employees and the temporary closure of its Oklahoma factories while working to secure necessary capital for continuing operations. The company stated it is in advanced discussions with various capital sources and expressed hope to bring back the furloughed employees soon. The workforce reduction affects both salaried and hourly workers during the holiday season.
Canoo (Nasdaq: GOEV) announced the adjournment of its Annual Meeting of Stockholders due to insufficient quorum. The meeting has been rescheduled for December 6, 2024, at 8:30 a.m. Central Time and will be held virtually. The adjournment aims to provide stockholders additional time to vote on all proposals, which the Board considers advisable and in stockholders' best interests. Previously submitted proxies remain valid unless revoked, and voting polls will stay open until December 5, 2024, at 11:59 p.m. Eastern Time.
Canoo has announced a service, maintenance, and repair (SMR) agreement with Northside Truck & Van in the United Kingdom. Northside, with over 280 garages and 72 physical locations across England, Scotland and Wales, will provide 24/7/365 maintenance support for Canoo's light commercial vehicles. The partnership includes Fleet Management solutions, parts inventory sourcing, and specialized EV service expertise. Northside's SMR personnel will collaborate with Canoo's Quick Reaction Force team to service pilot vehicles expected on UK roads in Q4. Northside maintains over £6 million in parts stock and delivers £39 million worth of parts across the UK.
Canoo reported Q3 2024 financial results with revenue of $0.9 million and year-to-date revenue of $1.50 million. The company showed improvements in several metrics, including a 67% better Adjusted Net Loss Per Share at $(0.54) compared to $(1.71) in Q3 2023. Cash outflow reduced by 20.7% to $31.3 million from Q2 2024. The company is consolidating operations from California to Texas and Oklahoma, expecting annual savings of $12-14 million. Key developments include UK market entry, Oklahoma City facility Foreign Trade Zone activation, and headquarters relocation to Texas. Cash position stands at $16 million as of September 30, 2024.
Canoo Inc. (Nasdaq: GOEV) announced it will release its Q3 2024 financial results on Wednesday, November 13, 2024, after market close. The company will host a conference call and webcast at 5 p.m. ET on the same day. Tony Aquila (Investor, Executive Chairman and CEO), Kunal Bhalla (CFO), and Ramesh Murthy (SVP Finance, CAO, and Chief Administrative Officer) will host the call. A slide presentation will be available on Canoo's investor relations website.
Canoo Inc. (GOEV) has partnered with The AA, the UK's leading breakdown service provider, to deliver premium service and repair support for Canoo's commercial fleet and government customers in the United Kingdom. The AA, with over 11 million business vehicles in its breakdown customer base, will provide specialized services including 24/7 emergency roadside assistance, commercial EV charging support, and fleet management tools. The partnership aims to minimize fleet downtime and support the UK's transition to electric vehicles, covering Canoo's LDV 130, LDV 190, and other commercial vehicles.
Canoo Inc. (Nasdaq: GOEV) has received IVA (Individual Vehicle Approval) regulatory certificates for its Right-Hand Drive (RHD) electric commercial delivery vans in the United Kingdom. This achievement allows Canoo to begin pilot testing its RHD LDV 130 and LDV 190 models with a prestigious UK fleet. The company obtained the certificates in just three months, with less than 2% changes to the Bill of Materials (BoM) of the US-certified RHD LDV 190.
The IVA certification confirms that Canoo's vehicles meet UK safety and environmental standards. The vans will be registered with the DVLA for legal operation in the UK. Canoo's multi-purpose platform, featuring steer-by-wire technology and a unique low-profile suspension system, facilitates easy RHD configuration. This development positions Canoo to contribute to the UK's carbon emission reduction goals and promote cleaner air.
Canoo Inc. (Nasdaq: GOEV) has announced its official launch into the United Kingdom market by establishing Canoo Technologies UK The company has chosen Bicester Motion, an iconic automotive campus, as its future operations, customer, and activation center for commercial efforts across the UK and Europe. This move is part of Canoo's global expansion strategy, aiming to introduce commercial electric vehicle (EV) solutions to the UK.
The UK market presents a significant opportunity for Canoo, with its ambitious Zero Emission Vehicle (ZEV) mandate requiring 80% of new vehicles and 70% of new vans sold to be zero-emission by 2030. The country has seen 17 consecutive months of growth in the light commercial vehicle (LCV) market, with small van demand up 42.0% year-to-date.
Canoo's activation center at Bicester Motion will allow customers to experience and test drive their right-hand drive commercial vans. The company plans to take a customer-centric approach, focusing on configuration to meet the diverse needs of commercial and government fleet customers.