The late former NFL quarterback Don Meredith, known for singing the old Willie Nelson song “Turn Out the Lights, the Party’s Over” at the end of pro football games telecast on ABC couldn’t have said it better for EV maker Canoo.
For more than a week, stocks in the bankrupt electric car maker Canoo, have not been traded, marking yet another step toward a total shutdown of production and operations.
The company, with its manufacturing plant in Oklahoma City and battery operation in Pryor announced in mid-January it had filed chapter 7 bankruptcy, a move that does not allow financial reorganization.
In a filing with the SEC, Canoo stated it had been notified January 22 by the Listing Qualifications Department of the Nasdaq Stock Market LLC that the company’s securities would be delisted from Nasdaq.
•The Company’s filing for protection under Chapter 7 of the U.S. Bankruptcy Code on January 17, 2025 (the “Filing”) and public interest concerns raised by it;
•Concerns regarding the residual equity interest of the existing listed securities holders; and
•Concerns about the Company’s ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market.
Canoo stated it does not intend to appeal Nasdaq’s determination. As a result, Canoo’s common stock was suspended at the opening of business on January 29 and delisted from Nasdaq.
Kunal Bhalla, Chief Financial Officer at Canoo signed the filing with the SEC.