Canoo Inc., an automotive company specializing in motor vehicle parts and accessories, has filed for Chapter 7 bankruptcy, according to a recent 8-K filing with the Securities and Exchange Commission.
The filing was made on January 17, 2025, for Canoo Inc. and its subsidiaries, including Canoo Technologies Inc., EV US Holdco Inc., EV Global Holdco LLC, Canoo Sales, LLC, and Canoo Manufacturing, LLC.
The bankruptcy proceedings will take place in the United States Bankruptcy Court for the District of Delaware, located in Wilmington, Delaware. Under Chapter 7 of the United States Code, a trustee appointed by the Bankruptcy Court will take control of the company's assets and liabilities. This means that the current Board of Directors and executive officers of Canoo Inc. will no longer have authority over the company's affairs. The appointed trustee will oversee the liquidation of the company's assets and the payment of claims as per the Bankruptcy Code.
Canoo Inc., previously known as Hennessy Capital Acquisition Corp (NASDAQ:GOEV) IV, has been trading on the Nasdaq Capital Market under the ticker symbols GOEV for common stock and GOEVW for warrants. The impact of the bankruptcy filing on these securities will be determined by the proceedings in the bankruptcy court.
The information for this article was obtained from a recent 8-K filing with the Securities and Exchange Commission.
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