Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup 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.
On the same day, the company said it withdrew its guidance for revenue, manufacturing run rates, as well as the production and delivery of vehicles for 2024 and subsequent periods.
Canoo shares are trading 4 per cent lower early Morning at $1.20 per share.
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The ATM program allows the company to issue and sell shares at market prices with Northland Securities acting as the sales agent, earning a commission of 3.0 per cent on the gross sales price of each share sold.
In mid August, the company said it implemented an employee reorganization plan that includes permanent job cuts at its Torrance, California, facility.
Canoo is offering to relocate most of the affected workers to its facilities in Oklahoma or Texas, its new headquarters as recently announced. The company expects to incur a one-time charge of up to $3 million on the reorganization, covering relocation benefits and severance payments.
Written by Cláudio Afonso | LinkedIn | X
