Canoo, once a promising startup with a unique electric vehicle and orders from the likes of the U.S. Postal Service and the Department of Defense, has filed for bankruptcy and ceased all operations.
The company announced it filed for Chapter 7 bankruptcy on Jan. 17 in a court in Delaware. This will result in a court-appointed trustee overseeing the sale of any remaining assets to pay off creditors.
Canoo unveiled its first vehicle, the LDV van, five years ago and went public a year later, raising an estimated $600 million in the process. However, despite receiving orders for thousands of vehicles, a high cash burn rate left the company struggling to fill those orders.
In a statement, the company said…
