Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
Tony Aquila, CEO of the EV startup Canoo, added 200,000 shares at an average price of $3.985 per share last Friday, a Form 4 revealed. Following last Friday’s transaction, Aquila holds now a total of 2,538,828 direct shares and 51,232,655 indirect shares by LLCs.
Recently, the company signed a deal with Walmart to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units.
The EV maker also confirmed the anticipation of starting production of the Lifestyle Delivery Vehicles beginning in Q4, 2022.
Indirect Shares by LLC
- 12,509,387 shares of Common Stock are held by AFV Partners SPV-4 LLC, a Delaware limited liability company (“AFV-4”);
- 35,273,268 shares of Common Stock are held by AFV Partners SPV-7 LLC, a Delaware limited liability company (“AFV-7”);
- 3,450,000 shares of Common Stock held by AFV Partners SPV-7/A LLC, a Delaware limited liability company (“AFV-7/A”).
The form explained that Aquila is the managing member of AFV, which exercises ultimate voting and investment power with respect to the shares held by AFV-4, AFV-7 and AFV-7/A adding that he has “beneficial ownership of the shares held by AFV 4, AFV 7 and AFV-7/A, except to the extent of his pecuniary interest therein”.
“The price reported in Column 4 is a weighted average sale price. These shares were purchased in multiple transactions at prices ranging from $3.62 to $4.23, inclusive,” the report detailed.
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Canoo recently entered a pre-paid advance agreement with YA II under which the company may request advances up to $50 million.
“We are offering $50,000,000 of our common stock, par value $0.0001 per share, by this prospectus supplement and the accompanying prospectus, directly to YA II PN, Ltd., a Cayman Islands exempt limited partnership, an affiliate of Yorkville Advisors Global, LP, in connection with the Pre-Paid Advance Agreement that we entered into with YA on July 20, 2022,” Canoo said.
Recently, RF Lafferty analyst Jaime Perez adjusted the firm’s price target on Canoo stock to $17 while reiterating a Buy rating on the shares. The analyst explained that the cut from $20 to $17 “reflects the increase in share count” and estimated the company’s revenue to be $700 million in 2023.
Earlier this year, Canoo said that has been selected by U.S. Army to supply an electric vehicle for analysis and demonstration supporting the U.S. military’s focus to “incorporate scalable and adaptable capabilities in operational and garrison environments”.
The announcement follows the previous selection by NASA for crew transportation vehicles to deliver astronauts to the Artemis launch site for lunar missions to establish the first long-term presence on the Moon.
In May, the electric vehicle start-up filed for up to 48,043,111 shares offering by selling stockholders expecting to receive up to $250 million in aggregate gross proceeds.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter