canoo announced yesterday is ceasing operations “immediately” and has filed for Chapter 7 bankruptcy law in Delaware. Estimates of start-up of electric vehicles in your presentation that his assets are worth $126 million and that he owes more than $164 million to his creditors, TechCrunch noted yesterday.
Now, the United States will appoint “a bankruptcy trustee to oversee the liquidation of the company's assets and the distribution of profits to creditors,” Canoo writes. The company says it decided to apply after failing to get support from either the U.S. Department of Energy's Loan Programs Office or foreign investors.
“We are really disappointed that things turned out the way they did,” Canoo President and CEO Tony Aquila said in the announcement before thanking various government and business entities Canoo has dealt with. Those deals have included the production of shuttles for NASA's Artemis crew and an agreement to build 4,500 electric delivery vans for Walmart.
