EV startup Canoo has filed for bankruptcy and stopped all operations
Canoo said on Friday night that it has filed for Chapter 7 bankruptcy and “will cease operations effective immediately,” after failing to secure enough funding to keep it going. The writing was on the wall for the EV startup leading up to the announcement; the company has lost multiple executives in recent months, announced furloughs and reported to the SEC in November that it had just $700,000 in the bank, per TechCrunch.
In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy’s Loan Program Office or from “foreign sources of capital” that executives had been in talks with. “In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency,” it said. Canoo owes a total of over $164 million to hundreds creditors, and has about $126 million in assets, according to TechCrunch. Under the filing in Delaware, Canoo’s assets will be liquidated and the proc
19.01.2025 00:36 Uhr, Engadget,
Permalink
iPhone 17 Air suddenly makes a lot more sense after this new leak
Last month, The Wall Street Journal reported that the iPhone 17 Air will cost less than the iPhone Pro models, contradicting the long-standing expectation that the new ultra-thin iPhone would be even more expensive than the iPhone Pro Max models. With that being the case, the phone actually makes more sense than ever.
more…
19.01.2025 00:00 Uhr, 9to5Mac,
Permalink
