Canoo Inc. - GOEV STOCK NEWS

Canoo Inc. (NASDAQ: GOEV) has finalized a long-term lease for a new manufacturing facility in Oklahoma City, covering nearly 500,000 square feet with potential for expansion. The facility aims to create over 500 jobs in its initial phase. Canoo's Oklahoma facility will feature advanced vehicle assembly capabilities, including state-of-the-art robotics and quality control systems. This new site complements its recently announced Vehicle Module Manufacturing Facility in Pryor, OK. Canoo emphasizes that its Oklahoma operations will leverage the area's skilled workforce and is strategically situated for efficient supply chain logistics. The facility will be powered by OG&E, with an option to incorporate renewable energy.

Canoo Inc. (Nasdaq: GOEV) announced its financial results for Q4 and FY 2022, revealing a GAAP net loss of $80.2 million for Q4 and $487.7 million for the full year. The company reported cash and cash equivalents of $36.6 million as of December 31, 2022. Canoo also noted a significant reduction in net cash used for investing activities, totaling $66.8 million in 2022, down from $162.7 million in 2021. Key achievements include the delivery of its first vehicle, the LTV, to the US Army and the signing of an exclusive distribution agreement in Saudi Arabia. Looking ahead, Canoo expects operating expenses between $55 million to $70 million for Q1 2023.

Canoo (GOEV) will report its financial results for the quarter and full year ending December 31, 2022, after market close on March 30, 2023. The announcement will be followed by a conference call at 5:00 pm ET to discuss the results, with a live webcast available for interested parties. A replay of the webcast will be accessible shortly after the call and will remain available until April 13, 2023. Canoo aims to revolutionize the EV market with innovative electric vehicles designed for various applications, emphasizing a modular platform that enhances interior space.

Canoo Inc. (NASDAQ: GOEV) announced a registered direct offering of 50 million shares and warrants to purchase an additional 50 million shares at a price of $1.05 per share plus warrant. The exercise price for the warrants is set at $1.30, effective six months post-issuance, expiring five years later. The offering, expected to close around February 8, 2023, aims to raise approximately $52.5 million for general working capital. A.G.P./Alliance Global Partners is the sole placement agent for this offering. The offering is made under an SEC-approved shelf registration statement.

The Defense Innovation Unit awarded Canoo (NASDAQ: GOEV) a contract to supply battery modules for analysis and demonstration, supporting the U.S. Department of Defense's goal of scalable capabilities in tactical environments. Canoo's modular battery system boasts industry-leading energy density and is adaptable to various vehicle configurations. This award follows previous contracts, including a Light Tactical Vehicle delivery to the Army and crew transportation vehicles for NASA's Artemis missions. Canoo aims to revolutionize the automotive landscape with innovative EVs.

On January 26, 2023, Canoo Inc. (Nasdaq: GOEV) appointed Ken Manget as Chief Financial Officer, succeeding interim CFO Ramesh Murthy, who will now focus on his role as Senior Vice President, Finance. Reporting to Chairman and CEO Tony Aquila, Manget brings extensive financial experience, having previously managed a multi-billion global equity investment strategy at Ontario Teachers' Pension Plan and closed numerous finance transactions at BMO Capital Markets. This leadership change aims to strengthen Canoo's financial strategy as the company approaches its go-to-market phase for its electric vehicles.

Canoo (NASDAQ: GOEV) has signed an exclusive agreement with GCC Olayan, a leading multi-national subsidiary of Olayan Saudi Holding Company, to sell, service, and distribute its fleet solutions in Saudi Arabia. The initial phase of the agreement includes the maintenance and repair of Canoo vehicles. Both companies will also establish a joint venture to develop a digital vehicle ecosystem for local assembly and manufacturing. This partnership aims to address the growing demand for sustainable mobility solutions in Saudi Arabia, aligning with the Kingdom's Vision 2030 and Saudi Green Initiative, targeting net zero emissions by 2060.

Canoo Inc. (GOEV) reported strong customer demand with over $2 billion in orders, a 100% increase from Q2 2022. The company has completed advanced deliveries to Walmart for 4,500 vehicles as it refines vehicle configuration. Canoo plans to finalize multiple equity initiatives and evaluate non-dilutive capital sources following a $500 million asset appraisal. Financial results showed a GAAP net loss of $117.7 million for Q3 2022, with access to $200 million through an at-the-market offering.