Months after struggling to secure a firm source of funding and of watching its shares lose value on an almost daily basis, the people behind Canoo decided Friday to park the EV venture, flat tires and all and filed for Chapter 7 bankruptcy.
Since it’s not a reorganization or Chapter 11 bankruptcy filed in the Bankrupcy Court of Declare, it means the assets of the company with its manufacturing plant in Oklahoma City and a battery facility in Pryor will be liquidated—sold to the highest bidder or pay off its debts.
In a fairly brief announced made Friday night, Canoo explained, “Despite being American-made, successfully delivering to such esteemed organizations as NASA, the Department of Defense…
