Canoo Raises $52.5 Million in Registered Direct Offering
Feb 6, 2023 By MarketDepth
Canoo Inc. (GOEV:NASD) announced agreements with institutional investors for the purchase of 50,000,000 shares at a price of $1.05 per share. The company is looking to raise $52.5 million, which is to be used for working capital.
The market which has started to come down from its peak didn’t receive the news well as Canoo is down 12% intraday. The company is down about 80% in the last year as the company continues to develop its EV products.
The EV sector has been battling in the last year to continue developments while pushing products to market. As with Tesla, Rivian and major car manufacturers are starting to see a slow down in new car purchases. As many people brace for a recession the world is waiting for indicators to dictate if we are out of the woods.