Shares of the electric vehicle (EV) startup Canoo climbed 7.96% on Tuesday, continuing its recent upward momentum. The stock closed at $2.44 per share, marking a 48 percent increase over the last 14 trading sessions.
Canoo, with a market cap of $173 million, will present a business update during an online event this Wednesday, July 10. The one hour event, hosted by investment firm Force Family Office, will take place from 4:00 PM Eastern Time. Stakeholders can register to watch the event live here.
In a recent filing with the Securities and Exchange Commission (SEC), Canoo disclosed the potential sale of up to 5,571,500 shares, signaling possible future capital raising efforts.
Additionally, Canoo reported significant stock awards granted to three top executives, as detailed in SEC Form 4 filings released last Friday.
The recipients include CFO Greg Ethridge, Senior VP and Chief Accounting Officer Ramesh Murthy, and General Counsel and Corporate Secretary Hector Ruiz.
In a strategic move last week, the company announced an agreement with logistics company Go2 Delivery for the purchase of five commercial delivery vans, with an option to acquire up to an additional 85 vans. This deal underscores Canoo’s growing footprint in the commercial EV market.
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.
Last 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.
As reported by EV in June, 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.
