First up, from PYMNTS.com, April 1:
Electric Vehicle Maker Canoo Discloses ‘Substantial Doubt’ About Its Future
Electric vehicle manufacturer Canoo disclosed in a Monday (April 1) annual report that its management has identified “substantial doubt” about the company’s ability to continue as a going concern.
The company requires additional capital but has found that its ability to raise it could be impaired, according to the annual report.
“Our management has performed an analysis of our ability to continue as a going concern and has identified substantial doubt about our ability to continue as a going concern,” the company said in its annual report. “If we are unable to obtain sufficient additional funding or do not have access to capital, we may be required to terminate or significantly curtail our operations.”....
....MUCH MORE
And from TechCrunch, also April 1:
Canoo spent double its annual revenue on the CEO’s private jet in 2023
....Still, one only needs to look at what Canoo is paying to rent the CEO’s private jet to put those “wins” into perspective. Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
Separately, Canoo also paid Aquila Family Ventures $1.7 million in 2023, $1.1 million in 2022 and $500,000 in 2021 for shared services support in its Justin, Texas, corporate office facility, according to regulatory filings....
