EV maker Canoo files for 48M Shares Offering by selling stockholders

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

The electric vehicle maker Canoo filed on Friday evening for up to 48,043,111 shares offering by selling stockholders expecting to receive up to $250 million in aggregate gross proceeds.

“We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of our common stock by the Selling Stockholder. However, we may receive up to $250.0 million in aggregate gross proceeds from sales of our common stock to YA that we may make under the Purchase Agreement, from time to time after the date of this prospectus”, the company said.

“The Selling Stockholder may sell the shares of our common stock included in this prospectus in a number of different ways and at varying prices. We provide more information about how the Selling Stockholder may sell the shares in the section entitled “Plan of Distribution.” The Selling Stockholder is an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”)”, Canoo stated..

On May 10, Canoo reported its Q1 2022 financial results announcing $600 million in accessible capital to optimize the company’s financial needs to start of production. A total of $300 million in total funding via a committed PIPE from an existing shareholder and an equity purchase agreement with financing partner Yorkville Advisors and $300 million universal shelf.

The company disclosed having more than 17,500 preorders with a projected value of $750 million and a growing pipeline. Canoo‘s stock ($GOEV) closed on Friday 7.14% lower at $3.38, being down 56.22% year-to-date.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter