Written by Cláudio Afonso | LinkedIn | X
Three top executives at Canoo were granted significant stock awards, according to SEC Form 4 filings disclosed by the electric vehicle (EV) startup on Friday. The stock closed nearly 5 percent lower on Friday at $2.12 per share.
Earlier in the week, Canoo announced an agreement with the logistics company Go2 Delivery for the purchase of five commercial delivery vans with the option to include up to additional 85 vans.
The filings from Friday detail stock awards to the company’s CFO, Greg Ethridge; Senior VP and Chief Accounting Officer, Ramesh Murthy; and General Counsel and Corporate Secretary, Hector Ruiz.
The Chief Financial Officer was granted 126,500 shares last Tuesday as part of Canoo’s equity incentive program.
Following the transaction, the CFO holds now 211,168 shares. Based on Friday’s closing price of $2.12 per share, Ethridge’s holdings are valued at $447,700.
Last month the CFO participated at the Sidoti Small Cap conference where he stated the company is “at the stage of production ramp”. Ethridge said that Canoo will, “overtime”, set up “manufacturing in international locations” besides its manufacturing plant in Oklahoma, United States.
Hector Ruiz was awarded 180,000 shares as also part of Canoo’s equity incentive program.
One day later, on Wednesday, Ruiz sold 10,937 shares at $2.33 per share to cover tax obligations, leaving him with direct ownership of 192,450 shares valued at $407,994.00.
Ramesh Murthy, Senior Vice President and Chief Accounting Officer, similarly received 180,000 shares on Tuesday. On Wednesday, Murthy sold 10,948 shares at $2.33 per share for tax purposes, resulting in direct ownership of 192,395 shares with holdings valued at nearly $408,000.
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The awarded shares are part of Canoo’s restricted stock units (RSUs) program, which allocates shares to executives over time to align their interests with those of shareholders.
Each RSU represents a right to receive one share of Canoo common stock upon vesting, with additional shares vesting quarterly.
The company is set to present a business update during an online event in a few days, on July 10, as promoted by the investment firm Force Family Office.
As reported by EV earlier this month, Canoo joined recently the Russell 3000 Index. In early June, the stock appeared in the preliminary list of additions posted by FTSE Russell.
The company has recently announced it had entered into a $15 million Pre-Paid Advance Agreement (PPA) with YA II PN, Ltd., managed by Yorkville Advisors.
Written by Cláudio Afonso | LinkedIn | X
