Electric vehicle startup Canoo has filed for bankruptcy

Kano Announced yesterday It ceased operations “immediately” and filed for Chapter 7 bankruptcy in Delaware. EV startup estimates in Deposit Its assets are worth $126 million and it owes more than $164 million to its creditors, TechCrunch He noted yesterday.

Now, the United States will appoint “a bankruptcy trustee to oversee the liquidation of the company’s assets and distribute the proceeds to creditors,” Cano writes. The company says it chose to apply after failing to obtain support from the US Department of Energy’s Office of Loan Programs or foreign investors.

“We’re really disappointed that things turned out the way they did,” Tony Aquila, Canoo’s chairman and CEO, said in the announcement before thanking the various government and business entities Canoo has dealt with. Those transactions included production Shuttles for NASA’s Artemis crew And a construction agreement 4500 electric delivery trucks For Walmart.