Canoo Inc (NASDAQ: GOEV), a high-tech advanced mobility and energy company, said that it had filed a voluntary petition for relief under Chapter 7 of the US Bankruptcy Code.
As a result, a Bankruptcy Trustee will be appointed to oversee the liquidation of the company’s assets and the distribution of proceeds to creditors.
“We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as we did. We are truly disappointed that things turned out as they did. We would also like to thank NASA, the Department of Defense, The United States Postal Service, the State of Oklahoma and Walmart for their belief in our products and our company,” Tony Aquila, Chairman and CEO, said in a press release.
Stock Performance
The shares of Canoo Inc (GOEV) closed 10.60% ($0.16) lower at $1.35 on Nasdaq on Friday. It has been the steepest single-session loss for the stock since December 30th 2024.
The company’s total market cap now stands at $19.556 million.
The shares of Canoo Inc (GOEV) went down 98.81% in 2024, compared with a 28.64% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have lost 4.25% of their value so far this year.
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