Canoo Inc. Class A Common Stock

GOEV

Market cap $5.36M

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GOEV's story serves as a cautionary tale for other startups navigating the complex and competitive EV industry.

Canoo said on Friday it would file for Chapter 7 bankruptcy and cease operations, effective immediately.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “cease operations immediately.” The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

JUSTIN, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), (the "Company"), a high-tech advanced mobility and energy company, today announced 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.

Canoo stock price sits at a record low as the company faces an uncertain future ahead. It was trading at $1.60 on Wednesday, a few points above its all-time low.

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Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

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Struggling electric van startup Canoo has placed its remaining employees on what it's calling a “mandatory unpaid break” through at least the end of the year, according to an email obtained by TechCrunch.