Canoo to effect 1-for-20 reverse stock split on Dec 24; idles Oklahoma facilities, furloughs 100 workers

Canoo Inc.

Reverse stock split 1-for-20 effective Dec 24, 2024; warrants adjusted to 20 warrants for 1 share at $5,290 exercise price.
Added substantially all assets at Pryor, OK as collateral for $2.5M advance under Secured WC Facility with AFV Management Advisors.
Temporarily idling Oklahoma City and Pryor manufacturing facilities; furloughing 87 employees there and 13 elsewhere for 12 weeks.
Company warns it may be unable to satisfy obligations and could become subject to insolvency proceedings if additional financing is not obtained.

item 3.03 item 5.03 item 8.01 item 9.01

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Canoo Inc.: 1-for-20 reverse stock split of common stock (effective 2024-12-24).

Change: charter amendment
Effective: 2024-12-24

Exact text from the filing

Pursuant to the Certificate of Amendment, effective as of 8:00 a.m., Eastern Time, on December 24, 2024 (the “Effective Time”), every 20 shares of Common Stock issued and outstanding, including shares of Common Stock held by the Company as treasury shares, will be automatically combined into one share of Common Stock.

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Source: SEC EDGAR

accession 0001104659-24-130406

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