canoo

Canoo said on Friday night that it has 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, and reported to the SEC in November that it had just $700,000 in the bank, per .In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy’s Loan Program Office or from “foreign sources of capital” that executives had been in talks with.…