Bankrupt EV startup Arrival sold its assets to Canoo [TechCrunch]
Canoo Inc. - Class A (GOEV)
Company Research
Source: TechCrunch
The acquisition, which was touted as a cost-saving measure that will reduce capital expenditures by 20%, comes as Canoo struggles to move beyond prototypes towards commercial production. Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company's facility in Oklahoma. The company previously acquired all of the new, and “like-new” assets owned by Arrival's business unit in the United States. It's unclear if Canoo also acquired any of Arrival's IP. Canoo did not respond to a request for comment. Arrival announced in January that it planned to sell off assets and IP from its UK division after filing for bankruptcy protection in the UK. Arrival, once valued at more than $13 billion and backed by Hyundai and UPS , claimed it was going to revolutionize the way electric vehicles by building them in compact “microfactories” that could be located in city centers. Those plans, which included an electric bus, vans and even a purpose-built car f
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News
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- 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