Canoo

[OKCTalker]

So the employees changed their addresses on paper in order to meet Oklahoma resident employee incentive requirements, and the three “Oklahoma-built” cars bought by the state were actually assembled elsewhere. This is a huge fraud perpetrated by anyone who had a hand in any of it, with criminal implications at the local and federal levels, and prison sentences.

Pete, who owns the land, plant, equipment & inventory for their two Oklahoma facilities?

[Pete]

So the employees changed their addresses on paper in order to meet Oklahoma resident employee incentive requirements, and the three “Oklahoma-built” cars bought by the state were actually assembled elsewhere. This is a huge fraud perpetrated by anyone who had a hand in any of it, with criminal implications at the local and federal levels, and prison sentences.

Pete, who owns the land, plant, equipment & inventory for their two Oklahoma facilities?

An LLC owned by the Canoo CEO, Tony Aquila, owns the OKC property and I assume the equipment as well. But Canoo pays him to lease it.

Reading the Canoo investors subreddit, many people have complained about Aquila's self-dealing for at least two years.

It sounds like there may be a bunch of lawsuits surrounding all this.

[Paule4ou]

On December 19, 2024, Canoo Inc. (the “Company”) filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s Second Amended and
Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the
Company’s common stock, par value $0.0001 per share (“Common Stock”). Pursuant to the Certificate of Amendment, effective as of 8:00 a.m., Eastern Time, on December
24, 2024 (the “Effective Time”), every 20 shares of Common Stock issued and outstanding, including shares of Common Stock held by the Company as treasury shares, will be
automatically combined into one share of Common Stock. As of December 18, 2024, the Company had 289,720,778 shares of Common Stock issued and outstanding. The
Company’s stockholders of record will receive a cash payment (without interest) in lieu of any fractional shares they would have otherwise been entitled to receive in the
Reverse Stock Split.

The Common Stock is expected to begin trading on The Nasdaq Capital Market on a split-adjusted basis at the opening of trading on December 24, 2024. The Common
Stock will continue trading on The Nasdaq Capital Market under the symbol “GOEV” with a new CUSIP number (13803R300). The Company’s publicly traded warrants will
continue to be traded on The Nasdaq Capital Market under the symbol “GOEVW” and the CUSIP number for the public warrants will remain unchanged. However, under the
terms of the applicable warrant agreement, the number of shares of Common Stock issuable on exercise of each warrant will be proportionately decreased. Specifically,
following effectiveness of the Reverse Stock Split, every 20 shares of Common Stock that may be purchased pursuant to the exercise of public warrants will represent one share
of Common Stock that may be purchased pursuant to such warrants. Accordingly, for the Company’s warrants trading under the symbol “GOEVW”, every 20 warrants will be
exercisable for one share of Common Stock at an exercise price of $5,290.00 per share of Common Stock.

As of the Effective Time, the number of shares of Common Stock available for issuance under the Company’s equity incentive plans and issuable pursuant to equity
awards immediately prior to the Reverse Stock Split will be proportionately adjusted by the Reverse Stock Split. The exercise prices of the Company’s outstanding options and
equity awards will be adjusted in accordance with their respective terms.

The Reverse Stock Split will affect all record holders of the Common Stock uniformly and will not affect any record holder’s percentage ownership interest in the
Company, except for de minimis changes as a result of the elimination of fractional shares. Holders of Common Stock who hold in “street name” in their

[CaptDave]

An LLC owned by the Canoo CEO, Tony Aquila, owns the OKC property and I assume the equipment as well. But Canoo pays him to lease it.

Reading the Canoo investors subreddit, many people have complained about Aquila's self-dealing for at least two years.

It sounds like there may be a bunch of lawsuits surrounding all this.

Grifters gonna grift........

[Jersey Boss]

Canoo Auctions Manufacturing Equipment After Factory Idle - EV
https://eletric-vehicles.com/canoo/c...-factory-idle/

That's a wrap.

[Pete]

I wonder what they plan to do with all the robotics that never were used to produce cars.

[Bill Robertson]

The robotics aren't on the auction list and would be very difficult to move. Pretty much another auto or very similar assembly line. Could be something that ends up sitting for some time.

[Pete]

^

Canoo bought them second-hand from a company in the UK so there must be some sort of secondary market, especially because by all reports Canoo never used any of it.

So many automakers coming and going right now.

[Bill Robertson]

^ Maybe a stoke of pure luck secondary market. Maybe lightning will strike twice buI wouldn't hope my breath.

[Midtowner]

I wonder what they plan to do with all the robotics that never were used to produce cars.

Maybe another company can use them as props to set on a factory floor so they can pretend to be tooling up for manufacturing so they can defraud investors? They seem really good for that.

[yukong]

Late this afternoon, Canoo filed Chapter 7 Bankruptcy. They are going to liquidate. Here is the press release they issued about 10 minutes ago.

Canoo Inc. Announces Chapter 7 Bankruptcy Filing


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.

Despite being American-made, successfully delivering to such esteemed organizations as NASA, the Department of Defense (“DOD”), The United States Postal Service (“USPS”), the State of Oklahoma and having agreements with Walmart and others, Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office. Recently, the company’s executives were in discussions with foreign sources of capital. In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency.

Tony Aquila, one of the company’s largest investors and Chairman and CEO said, “We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as we did. We are truly disappointed that things turned out as they did. We would also like to thank NASA, the Department of Defense, The United States Postal Service (“USPS”), the State of Oklahoma and Walmart for their belief in our products and our company. This means a lot to everyone in the company.”

As a result of this filing, Canoo regrets to inform all stakeholders that it will cease operations effective immediately. A court appointed trustee will manage the liquidation of the company’s assets and our team will collaborate closely with the Delaware Bankruptcy Trustee to assist with the process.

Contact:
press@canoo.com

[jn1780]

The company that never actually did anything. Time for it's executives to use other people's money in another startup.

[Pete]

Now, the State of Oklahoma will be behind a parade of creditors trying to claw back the money we gave this con man.

Where are the state and city leaders who took credit for landing this company and crowing about a big economic development win? They are only around to take credit, never the blame.

[yukong]

Now, the State of Oklahoma will be behind a parade of creditors trying to claw back the money we gave this con man.

Where are the state and city leaders who took credit for landing this company and crowing about a big economic development win? They are only around to take credit, never the blame.

I think Oklahoma already gave them over $1,000,000 that the Department of Commerce was trying to claw back. Well, that's gone now. And the state bought at least 3 of their stupid cars. OMES tried to assign them to different agencies, but no one wanted them because no one had the necessary charging infrastructure. So now the state owns 3 or more cars that no one can service or repair. So however much the state spent on those is also down the drain.

[Jersey Boss]

"Imagine That!"

[Pete]

I think Oklahoma already gave them over $1,000,000 that the Department of Commerce was trying to claw back. Well, that's gone now. And the state bought at least 3 of their stupid cars. OMES tried to assign them to different agencies, but no one wanted them because no one had the necessary charging infrastructure. So now the state owns 3 or more cars that no one can service or repair. So however much the state spent on those is also down the drain.

The state should auction them off.

Those vehicles are going to be collector's items because I believe only about 20 were ever made.

[Pete]

Just one year ago...

Stitt:

“For the first time in 17 years, vehicle manufacturing is back in Oklahoma,” said Oklahoma Gov. J. Kevin Stitt. “As we find new efficiencies within the fleet, Canoo’s new Oklahoma-made electric vehicles align perfectly with our fleet modernization goals, and I couldn’t be more excited to see them on the roads.”

Pinnell:

“Oklahoma is hub for the creation of new and innovative technologies, and Canoo is a global leader in electric vehicle development,” said Lt. Gov. Matt Pinnell, secretary of Workforce and Economic Development. “Beyond innovation, Canoo is creating over 1,300 jobs in Oklahoma, marking a significant economic impact for the state. I look forward to our continued partnership and am excited to welcome these new vehicles to the state.”

Canoo was about the only new industry for either one of these guys. Where are their press conferences and PR blitzes now that we've been totally conned?

[Jake]

Oklahoma actually landing a real company one day would be nice. Wishful thinking.

[Pete]

In its bankruptcy filing on Friday, Canoo revealed it owes money to fewer than 49 creditors, with liabilities ranging from $10 million to $50 million, while claiming to have less than $50,000 in assets.

https://www.carscoops.com/2025/01/ca...lions-in-debt/

[Bunty]

Oklahoma actually landing a real company one day would be nice. Wishful thinking.

Latest News for the Proposed New $5.5 Billion Cushing Refinery.

https://nathanhammer.substack.com/p/...oposed-cushing

[Plutonic Panda]

I am more excited for this project that I am anything more that is currently happening in Oklahoma. This is so huge for the state. I don’t think people realize it.

[Jake]

Latest News for the Proposed New $5.5 Billion Cushing Refinery.

https://nathanhammer.substack.com/p/...oposed-cushing

Delayed? Sounds really familiar.

[Midtowner]

TBF, my family is originally from Cushing, so I think I can say that it and maybe Wynnewood and maybe Ponca are just a few of the places where residents don't feel quite at home without the odor of burning chemicals in the air. There just aren't a lot of places that would love to see a new refinery and Cushing at one time had multiple refineries. Growing up, I remember going down to one of those old refineries with my grandparents and climbing all over an abandoned locomotive there. I'm sure I had all of my shots.

[Bunty]

TBF, my family is originally from Cushing, so I think I can say that it and maybe Wynnewood and maybe Ponca are just a few of the places where residents don't feel quite at home without the odor of burning chemicals in the air. There just aren't a lot of places that would love to see a new refinery and Cushing at one time had multiple refineries. Growing up, I remember going down to one of those old refineries with my grandparents and climbing all over an abandoned locomotive there. I'm sure I had all of my shots.

I fondly remember Cushing beginning as a child because my mother had a bunch of relatives living there so we would occasionally go there to visit them. I remember coming into Cushing on the west side on Highway 33 always being fascinated from the view of the highway elevated over the huge railyard. My uncle, my mother's sister's husband, worked at the Hudson refinery. These days the railyard is gone and highway no longer elevated. I think all my relatives there have all passed away except for a nephew and his daughter.

I hope that refinery for Cushing area does eventually get built. Cushing has been stagnant for growth at best and could easily use it.

[Mesta Parker]

TBF, my family is originally from Cushing, so I think I can say that it and maybe Wynnewood and maybe Ponca are just a few of the places where residents don't feel quite at home without the odor of burning chemicals in the air. There just aren't a lot of places that would love to see a new refinery and Cushing at one time had multiple refineries. Growing up, I remember going down to one of those old refineries with my grandparents and climbing all over an abandoned locomotive there. I'm sure I had all of my shots.

A modern refinery should be odor free. If there is an odor, someone is not doing their job.