Canoo said on Friday night that it has filed for Chapter 7 bankruptcy and “will cease operations effective immediately,” after failing to secure enough funding to keep it going. The writing was on the wall for the EV startup leading up to the announcement; the company has lost multiple executives in recent months, announced furloughs and reported to the SEC in November that it had just $700,000 in the bank, per TechCrunch.
In a press release announcing the filing, Canoo said it was unable to get funding
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