Oklahoma City’s electric vehicle manufacturer Canoo is bleeding money and recorded another drastic drop in Monday’s trading of shares as leadership warned recently it might not survive.
The latest trading activity raises the question whether the EV maker has crashed and burned?
Canoo stock plunged 29.27% or 16 cents and closed the day at 39 cents a share. The fall was on top of a 27.34% drop of 21 cents on Friday when shares closed at 55 cents.
Monday’s trading
0.39 USD−0.16
OK Energy Today reported this week the Friday free fall came after Canoo filed reports warning of extreme financial challenges.
““As of the date of this report, we believe that our existing cash resources and additional sources of liquidity are not sufficient to support planned operations for the next 12 months. Our ability to continue as a going concern will depend on our ability to obtain additional capital.”
More devastating news could come out of Canoo’s third quarter financial report when it is made. The company has yet to indicate on its website when such a report might be issued.
Just last week, it was reported Canoo furloughed 30 workers from its manufacturing plant in Oklahoma City. The EV manufacturer received $1 million in Oklahoma City to assist locating in the plant on Interstate 40 and Morgan Road.