Written by Cláudio Afonso | LinkedIn | X
Canoo shares fell 20 percent early Monday, hitting the $1 per share threshold, a listing rule from Nasdaq that requires companies to maintain a minimum bid price of $1.00 per share to avoid potential delisting.
Last Friday, right after the market closing, the electric vehicle startup announced that the guidance previously provided for vehicle deliveries, revenue and manufacturing run rate should not be considered going forward.
In late October, Canoo’s management will participate in the LD Micro Main Event investor conference in Los Angeles. Over the last month, Canoo shares fell 25 per cent taking year to date losses to more than 82 per cent.
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Last March, the company announced that it would execute a 1-for-23 reverse stock split of its common stock. A few weeks before, at Canoo’s Meeting of Stockholders, shareholders had approved the Company’s board of directors to execute a reverse stock split with a range of between 1-for-2 and 1-for-30.
Last month, the company reported its second quarter earnings results reporting a revenue of $605,000. Cash and Cash equivalents stood at $19.1 million as of the end of June as the Adjusted Net Loss Per Share reached negative $0.61.
Canoo said on Friday it has signed an Equity Distribution Agreement with Northland Securities Inc. to sell up to $200 million of its common stock through an at-the-market (ATM) offering.
Written by Cláudio Afonso | LinkedIn | X
