U.S. Securities and Exchange Commission investigates Canoo
SEC sets sights on next e-car startup
Canoo wants to build pretty electric vans and transporters. But there’s currently massive turbulence in its management and finances.
Things are currently turbulent at electric van startup Canoo. But not primarily because of groundbreaking new products. But not primarily because of groundbreaking new products, but because of finances, corporate strategy and personnel changes in management. The latest volte-face in the Canoo case: as CEO Tony Aquila recently announced when announcing the quarterly results, the U.S. Securities and Exchange Commission (SEC) is investigating the Los Angeles-based company.
First Lordstown and Nikola, now Canoo
Such investigations seem to be part of the norm for e-car startups; after all, the SEC is also investigating events at Lordstown Motors and Nikola in parallel. So far, neither Aquila nor the US Securities and Exchange Commission itself have commented on the background. But the investigations seem to be related to the IPO that took place last summer. In a deal worth a total of 2.4 billion dollars (almost two billion euros), Canoo merged with Hennessy Capital Acquisition Corporation and secured fresh capital in the process.
This futuristically styled electric van is to be Canoo’s first production model.
The Californians had already been in a lot of turmoil before and apparently recently underwent a radical change in strategy, as reported by the tech portal The Verge. This mainly concerns the deal with Hyundai that was announced last year – apparently Canoo no longer wants to sell its technologies to other manufacturers.
Disturbing conference call
“The Verge” reports a disturbing conference call between Canoo and its investors. The conference call was Canoo’s first as a publicly traded company. It was surprisingly led by Aqulia, while previous CEO and co-founder Ulrich Kranz did not participate. Kranz then officially resigned from his position on April 30. Shortly before that, Canoo had announced that CFO Paul Balciunas had moved to another company. A few weeks earlier, the head of corporate strategy had already left Canoo.