Canoo: Avoid After Reverse Stock Split [Seeking Alpha]
Canoo Inc. - Class A (GOEV)
Company Research
Source: Seeking Alpha
The EV upstart is operating on shoestring liquidity with heavy cash burn and substantial dilution. Dilution is set to continue with the reverse stock split set against strong demand for EVs but a dire capital backdrop for EV upstarts. Canoo ( NASDAQ: GOEV ) just engineered a 1-for-23 reverse stock split that has placed the EV upstart back in compliance with NASDAQ's $1 minimum listing requirement. The company last filed a Form 10-Q for the period ending 30 September 2023, hence, its current exact market cap is hard to ascertain with its diluted weighted average shares outstanding likely up significantly since on the back of subsequent liquidity raising events. This figure was at the end of September, up 126% from its year-ago comp. It would be 27,012,434 shares post the reverse stock split. Selling pressure could continue against a roughly 28% short interest pre-reverse stock split as continued cash burn is set against the specter of back-to-back bankruptcy filings of GOEV's peer
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High impacting Canoo Inc. - Class A news events
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GOEV
News
- Canoo Inc. (NASDAQ: GOEV) is now covered by analysts at Benchmark Co.. They set a "buy" rating and a $5.00 price target on the stock.MarketBeat
- Why Canoo Inc. (GOEV) Outpaced the Stock Market Today [Yahoo! Finance]Yahoo! Finance
- Canoo (GOEV) Partners With Red Sea Global to Expand Footprint [Yahoo! Finance]Yahoo! Finance
- Wall Street Analysts See Canoo (GOEV) as a Buy: Should You Invest? [Yahoo! Finance]Yahoo! Finance
- Canoo Further Expands its International Market Presence through the Red Sea Global Partnership in the Kingdom of Saudi Arabia [Yahoo! Finance]Yahoo! Finance
GOEV
Earnings
- 4/1/24 - Beat
GOEV
Sec Filings
- 4/16/24 - Form SC
- 4/16/24 - Form 4
- 4/12/24 - Form S-8
- GOEV's page on the SEC website