canoe announced yesterday It is ceasing operations “immediately” and has filed for Chapter 7 bankruptcy in Delaware. EV startup estimates filed It has assets worth $126 million and owes its creditors more than $164 million, techcrunch noted yesterday,
Now, the US “will appoint a bankruptcy trustee to oversee the liquidation of the company's assets and the distribution of proceeds to creditors,” Canu writes. The company says it decided to file after failing to get support from the U.S. Department of Energy's loan programs office or foreign investors.
“We are really disappointed that things turned out the way they did,” Canoo President and CEO Tony Aquila said in the announcement, before thanking the various government and business entities that Canoo dealt with. Those deals also include production NASA's Artemis Crew Shuttle and an agreement to build 4,500 electric delivery vans For Walmart.