Money-raising effort by Canoo results in dropping share prices

The Lifestyle Vehicle electric minivan from Canoo.


An announcement by electric vehicle startup Canoo, the company with a plant in Pryor and plans for another in Oklahoma City, that it agreed to sell discounted shares to raise $52.5 million sent shares sharply lower on Monday and again on Tuesday.

Prices closed at $1.09 on Monday, down more than 12%. This was on top of the fact that Canoo stock lost more than 80% of its value in the last 12 months according to CNBC.

Stocks slid even more on Tuesday as Canoo closed at $1.03 with a nearly 6% decline for the day. Shares were down $0.065.

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