Canoo slumps after bankruptcy filing

Canoo

21/01/2025 11:33

** Shares of EV startup Canoo  GOEV.O  fall 74.2% to 34
cents premarket
    ** Canoo on Friday said it filed for bankruptcy under
Chapter 7 and will be liquidating its assets
    ** A court-appointed trustee will manage the liquidation of
the company's assets and distribution of proceeds to creditors,
co said
    ** It said it was unable to secure financial support from
the U.S. Department of Energy's Loan Program Office and failed
to secure foreign capital, and will cease operations immediately
    ** GOEV fell 98.7% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))