Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “cease operations immediately.” The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.
The company said in a press release published late Friday that it was “in discussions with foreign sources of capital” that proved unsuccessful, and also singled out an inability to secure funding from the U.S. Department of Energy’s Loan Program Office, which has been on a lending spree in the waning days of the Biden administration.
Canoo said in its bankruptcy filing that it owes money to fewer than 49 creditors, with outstanding liabilities totaling between $10 million and $50 million. It claimed to have…
