Written by Cláudio Afonso | LinkedIn | X
Electric vehicle (EV) maker Canoo released on Tuesday after the closing bell a prospectus for the offer and sale of up to 5,571,500 shares of its common stock.
This follows an agreement with Capital OKC Alliance II Inc., which includes the potential issuance of shares pursuant to warrants and preferred stock conversion, according to the EV maker.
As reported by EV, Canoo had recently disclosed the potential sale of the shares. The shares will be issued under a securities purchase agreement dated September 29, 2023.
The arrangement involves 3,486,318 shares to be issued upon conversion of 45,000 Series B Preferred Shares, 998,225 shares via warrants, and up to 1,086,957 shares for dividend payments on the Preferred Shares.
In the SEC filing, Canoo said it has already received approximately $45 million from the sale of Preferred Shares and Warrants and it might garner an additional $12.9 million from warrant exercises.
NEVER MISS AN UPDATE
Canoo‘s stock climbed 7.96 percent on Tuesday, continuing its recent upward momentum. The stock closed at $2.44 per share, marking a 48 percent increase over the last 14 trading sessions.
Canoo, with a market cap of $173 million, will present a business update during an online event this Wednesday, July 10. The one hour event, hosted by investment firm Force Family Office, will take place from 4:00 PM Eastern Time. Stakeholders can register to watch the event live here.
Additionally, Canoo reported significant stock awards granted to three top executives, as detailed in SEC Form 4 filings released last Friday.
The recipients include CFO Greg Ethridge, Senior VP and Chief Accounting Officer Ramesh Murthy, and General Counsel and Corporate Secretary Hector Ruiz.
In a strategic move last week, the company announced an agreement with logistics company Go2 Delivery for the purchase of five commercial delivery vans, with an option to acquire up to an additional 85 vans. This deal underscores Canoo’s growing footprint in the commercial EV market.
Written by Cláudio Afonso | LinkedIn | X
