"We would like to thank the company's employees for their dedication and hard work," said Tony Aquila, Canoo Chairman, CEO and investor. "We know that you believed in our company as we did. We are truly disappointed that things turned out as they did." This statement reflects the deep regret of the company’s leadership as they face insolvency, acknowledging the commitment and contributions of their team during challenging times.
The U.S. EV startup has submitted the filing with the U.S. Bankruptcy Court for Delaware, which will result in a Bankruptcy Trustee facilitating the liquidation of the company's assets. This marks a significant turning point for Canoo, moving from growth initiatives to the liquidation process, highlighting the challenges faced in maintaining operational viability amid financial struggles.
The news follows Canoo's attempts to get access to funding from the U.S. Department of Energy's Loan Programs Office, as well as its inability to secure foreign investments. Despite their collaboration with high-profile clients like NASA and Walmart, the lack of additional funding ultimately led to their decision to cease operations.
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