EV manufacturer Canoo has yet to announce a release date for its third quarter earnings report, but filings with the Securities and Exchange Commission reflect how the firm’s CEO has advanced another $850,000 to keep the company afloat. That’s on top of another loan of $270,000, making for a total of $1.1 million in recent days.
With financial help last year from the state of Oklahoma and Oklahoma City, Canoo opened its manufacturing plant along Interstate 40. Last week, Canoo CEO Tony Quila, who is also Executive Chair of AFV MAnagement Advisors, LLC issued a promissory note totaling $850,000.
AFV Partners LLC was founded by Tony Aquila who is described as a serial technology entrepreneur and sustainable investor. Because of his loans to Canoo, he is also its CEO.
The SEC filing indicated that on October 21, 2024, Canoo requested, and AFV agreed to fund, a second advance in an amount equal to $270,000 under the Note. The Second Advance was funded on October 21, 2024. As of October 24, 2024, the aggregate principal amount outstanding under the Note is $1,120,000.
AFV, on its website further explained Aquila’s connections.
“Canoo is currently one of AFV’s significant investments. Tony initially agreed to provide rescue capital to the company in July 2020. His investments in Canoo were based on his assessment of the company’s competitive advantage: its industry unique focus on proprietary engineering and technology. In preparations for the SPAC merger, Tony was asked to join the board and, effective with the completion of the merger and de-SPAC with Hennessy Capital Acquisition Corp. IV in December 2020, became its Chairman.”
He later accepted the Canoo CEO position in April of 2021.
Canoo is also preparing for its 2024 annual meeting of stockholders. The virtual meeting will be held Friday,Nov. 22 at 8:30 a.m. Central time.
Shareholders will vote on three nominees for director and compensation of the company’s executive officers. They will also ote on the issuance of shares of common stock with a value of $0.0001 per share.