Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle startup Canoo are soaring 28% on Friday erasing a significant part of the losses registered this week amid leadership changes, furloughed thirty workers, lawsuits from suppliers, and accusations from some of its workers.
Year-to-date, the stock has lost approximately 91% of its value as investors continue to await mass production and large-scale deliveries of Canoo’s trucks and delivery vans following the agreements with major customers, including NASA, Walmart, and the U.S. Postal Service.
Following the adjustment after the reverse stock split, the 2024 high was reached in the year’s first weeks at approximately $7, with the stock subsequently declining to a new record low of $0.37 earlier this week.
The company will report its third quarter earnings results next week on November 13, after the market close, with the conference call — with the CEO Tony Aquila and the newly appointed CFO Kunal Bhalla — following at 5 p.m. Eastern time.
Also, Ramesh Murthy, Canoo’s Senior Vice President of Finance, Chief Accounting Officer, and Chief Administrative Officer, will participate.
In the second quarter of the year, Canoo’s revenue reached $605,000, while its operating expenses decreased sequentially by 33%, or $20.7 million.
The startup disclosed earlier this week that it has entered into a $12 million secured revolving credit facility with AFV Management Advisors, LLC, an entity founded by the company’s CEO.
In a new SEC filing, Canoo announced that its Chief Financial Officer Greg Ethridge and General Counsel Hector Ruiz have both resigned on the last day of October.
In September, the company’s co-founder and senior director of advanced vehicle engineering Christoph Kuttner left the EV maker after seven years.
As reported earlier this week by EV, the company is being sued by a supplier for breach of contract related to unpaid work on six electric delivery vans ordered by the U.S. Postal Service (USPS), according to what insiders told EV.
Last week, the company announced it had furloughed 23% of the workforce, equivalent to 30 employees, at its Oklahoma plant as part of what it described as a “broader realignment of North American operations.”
Written by Cláudio Afonso | LinkedIn | X
