Canoo Files for Bankruptcy, Shutters Operations

Dow Jones

01-21

By Denny Jacob

Electric-vehicle company Canoo said it filed for bankruptcy and shuttered its operations as efforts to secure funding ran into a dead end.

The Justin, Texas, company on Friday said it filed a Chapter 7 bankruptcy filing. A bankruptcy court will appoint a trustee to oversee the liquidation of its assets and distribution of proceeds to creditors.

Canoo said it was unable to secure financial support from the U.S. Department of Energy's loan program office. It added that discussions with foreign sources of capital were unsuccessful.

"We are truly disappointed that things turned out as they did," said Chief Executive Tony Aquila.

Shares dived 74% to 35 cents in premarket trading Tuesday. The stock is down 98% over the last 52 weeks.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 21, 2025 06:26 ET (11:26 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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A bankruptcy court will appoint a trustee to oversee the liquidation of its assets and distribution of proceeds to creditors. \n</p>\n<p>\n  Canoo said it was unable to secure financial support from the U.S. Department of Energy's loan program office. It added that discussions with foreign sources of capital were unsuccessful. \n</p>\n<p>\n  \"We are truly disappointed that things turned out as they did,\" said Chief Executive Tony Aquila. \n</p>\n<p>\n  Shares dived 74% to 35 cents in premarket trading Tuesday. The stock is down 98% over the last 52 weeks. \n</p>\n<p>\n  Write to Denny Jacob at denny.jacob@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 21, 2025 06:26 ET (11:26 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4099","symbol_name":"汽车制造商","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2505225832","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2505225832","pubTimestamp":1737458760,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Electric-vehicle company Canoo said it filed for bankruptcy and shuttered its operations as efforts to secure funding ran into a dead end.The Justin, Texas, company on Friday said it filed a Chapter 7 bankruptcy filing. A bankruptcy court will appoint a trustee to oversee the liquidation of its assets and distribution of proceeds to creditors.Canoo said it was unable to secure financial support from the U.S. Department of Energy's loan program office. It added that discussions with foreign sources of capital were unsuccessful.\"We are truly disappointed that things turned out as they did,\" said Chief Executive Tony Aquila.Shares dived 74% to 35 cents in premarket trading Tuesday. 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It added that discussions with foreign sources of capital were unsuccessful. \n\n\n  \"We are truly disappointed that things turned out as they did,\" said Chief Executive Tony Aquila. \n\n\n  Shares dived 74% to 35 cents in premarket trading Tuesday. The stock is down 98% over the last 52 weeks. \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 21, 2025 06:26 ET (11:26 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}