Canoo’s CEO is buying the bankrupt EV startup’s assets

The CEO of Canoo is buying nearly all of the defunct EV startup’s assets out of bankruptcy, according to a court filing. A new entity controlled by the CEO, Anthony Aquila, has offered to purchase “substantially all” of the assets for $4 million in cash. The sale will also wipe clean a more-than-$11 million debt Canoo owed to a financial firm run by Aquila, which loaned money to the startup during its final months. The sale proposal comes just six weeks after Canoo filed for a Chapter 7 bankruptcy liquidation in Delaware and wound down its business. The startup, which went public in 2020 as part of a merger with a special purpose acquisition company, never sold more than a handful of its electric vans to government entities like NASA, the United States Postal Service, and the Department of Defense, before it failed. Canoo has told the court that as of February 24 it had around $145 million in assets and $175 million in liabilities, and around $12 million in cash and equivalents. Oth ... Read full article.