Canoo CEO can buy bankrupt EV startup’s assets, judge rules

The sale of bankrupt EV startup Canoo’s assets to its CEO has been okayed by the judge overseeing the case. After evaluating a number of limited objections to the sale, Judge Brendan Shannon said in a hearing Wednesday he believes the process was fair, and that no one else but Canoo CEO Anthony Aquila made a bid. Shannon’s decision, once formalized, paves the way for Aquila to buy most of the assets of the EV startup for around $4 million in cash. Aquila plans to offer services to customers such as NASA and the Department of Defense, which purchased a few Canoo vehicles before the company went under, according to lawyers representing the CEO. Canoo is the latest failure in a wave of EV startups to file for bankruptcy, a list that includes Fisker, Lordstown Motors, and Nikola. Canoo is also not the only one of these companies to have had a CEO try to buy up the assets. Lordstown Motors’ founder former CEO bought most of the assets of his company in bankruptcy, and now newly-pardoned ... Read full article.