Written by Cláudio Afonso | LinkedIn | X
As reported by EV earlier this month, the stock of U.S. electric vehicle startup Canoo joined this Friday the Russell 3000 Index. In early June, the stock was appeared in the preliminary list of additions posted by FTSE Russell.
Shares of Canoo closed 7.04 percent higher on Friday at $2.13 but it registers an year-to-date loss of nearly 64 percent. The company is set to present a business update during an online event on July 10 as promoted by the investment firm Force Family Office.
The Russell 3000 Index measures the performance of the 3,000 largest publicly traded companies in the U.S. by market capitalization. Other additions in the list include Aemetis, American Superconductor, Arhaus, and Blend Labs.
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Inclusion in the index boosts visibility and can attract more investors, as many mutual funds and ETFs track the Russell 3000.
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.
Last week, the chief financial officer, Greg Ethridge, participated at the Sidoti Small Cap conference where he stated the company is “at the stage of production ramp”.
The CFO said that Canoo will, “overtime”, set up “manufacturing in international locations” besides its manufacturing plant in Oklahoma, United States.
Written by Cláudio Afonso | LinkedIn | X
