Source: SEC

Canoo Chief Accounting Officer sells 4,177 shares at an average price of $4.05 per share

Written by Cláudio Afonso | | LinkedIn | Twitter

According to a SEC form, Canoo’s Chief Accounting Officer Ramesh Murthy sold 4,177 shares at an average price of $4.05 per share. In late May, Murthy acquired 175,351 Restricted Stock Units (RSUs). Each RSU represents a right to receive one share of the Issuer’s common stock upon vesting. As of today, Murthy owns now a total of 277,301 shares, valued at $1.067,608 based on the last closing price of $3.85.

Murthy joined the company in March 2021 as Chief Accounting Officer after over five years at EY and eleven years at Delloite. At EY, Murthy worked as a Senior Manager of the Financial Accounting Advisory Services from 2015 to 2019 becoming Managing Director until March 2021.

The EV startup — which recently signed a deal with Walmart to purchase 4,500 electric delivery vehicles — said last week that entered a pre-paid advance agreement with YA II under which the company may request advances up to $50 million.

Last week, 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.

Last week, 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.

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.

The LDV is expected to begin hitting the road as soon as next year and the companies plan to “kick-off advanced deliveries to refine and finalize vehicle configuration in the Dallas Fort Worth metroplex in the coming weeks,” the EV maker said.

Written by Cláudio Afonso | | LinkedIn | Twitter