Canoo, the electric delivery vehicle startup which raced against time and insolvency despite infusions of incentive funding and actual van orders from Walmart and NASA, has been crushed under mounting debt and decided to cease all operations immediately.
The Texas-based Canoo announced Friday it had filed a petition for Chapter 7 bankruptcy, which is liquidation of the company’s assets and distribution of remaining proceeds to creditors, in Delaware federal court. News reports indicated that the company, which previously had received promises of hundreds of millions in funding from investors and government incentives to locate manufacturing in the U.S., was reportedly down to less than $100,000 in cash and millions in debt.
In its…
