Days after a furlough affecting many employees, Canoo enforced a mandatory unpaid break for remaining staff, citing a need to secure necessary capital for operations.
Canoo is struggling with financial difficulties, reporting only $700,000 left in the bank last month, leading to operational shutdowns and significant manpower reductions.
The company's recent reverse stock split is aimed at maintaining its Nasdaq listing and attracting more investors, as it faces continuous insolvency risks.
Canoo, founded in 2017 to sell electric vehicles, has mostly produced for the government, with its viability threatened by a declining workforce and executive turnover.
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