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On August 21, 2023 Refinitiv/Verus upgraded CANOO ORD SHS CLASS A from SELL to HOLD.
On Aug 4 Tony Aquila (CEO, etc) was issued warrants to acquire up to 5.6MM shares of stock at a price of 0.67, exercisable after 2/4/24, a price 50% higher than the current price of ~0.44.
Company is proposing a shareholder meeting in October to increase authorized number of shares:
PROPOSAL 1
SHARE AUTHORIZATION PROPOSAL
After careful consideration, the Board has adopted, declared advisable and directed that there be submitted to the stockholders at the Special Meeting a proposed amendment of our Charter (the “Authorized Share Amendment”) to increase the number of shares of authorized Common Stock from 1,000,000,000 to 2,000,000,000.
6:23 AM ET 08/15/2023
HC Wainwright & Co. analyst Amit Dayal reiterates Canoo (NASDAQ:GOEV) with a Buy and maintains $10 price target.
EXPANDED
SEC sues two ex-Canoo executives over reporting failures
REUTERS
12:30 PM ET Aug-04-2023
By Jody Godoy
(Reuters) -The U.S. Securities and Exchange Commission sued two former executives of electric vehicle company Canoo Inc (GOEV.NaE) on Friday over what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections.
In the complaint filed in Los Angeles federal court, the SEC said Ulrich Kranz, the company's former chief executive, and Paul Balciunas, its former chief financial officer, misled investors about the company's financial prospects before it went public in a merger with a special purpose acquisition company in December 2020.
In the run-up to the deal, Canoo (GOEV.NaE) had projected revenue of $120 million in 2021 and $250 million in 2022 based on deals to provide engineering services to other companies. The SEC said Kranz and Balciunas knew before the merger that the projects were unlikely to generate revenue.
The carmaker's stock plunged 21% after it announced in March 2021 that it would not achieve the anticipated revenue, the SEC said.
The regulator also alleged that Kranz failed to disclose more than $900,000 in compensation he received from two Canoo (GOEV.NaE) investors in October 2020 to stay with the company.
Attorneys representing Kranz and Balciunas in a shareholder lawsuit over the revenue projections did not immediately reply to requests for comment.
Canoo (GOEV.NaE) said in May that it had tentatively agreed to pay a $1.5 million penalty to settle with the SEC
A spokesperson for the company did not immediately reply to a request for comment on Friday.
The Texas-based company warned investors in May that it might not be able to meet its financial obligations, saying it had access to $600 million in funding but added it had "substantial doubt" about continuing as a going concern.
The carmaker is scheduled to report its second quarter results on Aug. 14.
Related:
SEC sues two ex-Canoo executives over reporting failures
REUTERS
7 mins ago
Aug 4 (Reuters) - The U.S. Securities and Exchange Commission sued two former executives of electric vehicle company Canoo Inc (GOEV.NaE) in federal court in California on Friday over what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections.
JUSTIN, Texas, July 31, 2023 /PRNewswire/ -- Canoo (Nasdaq: GOEV), a high-tech advanced mobility company, today announced that it will report its financial results for the quarter ended June 30, 2023 after market close on Monday, August 14, 2023. The Company will host a conference call and live webcast at 5:00 pm ET to discuss the results, followed by a question-and-answer period.
Volume and price both picking up - just surged through 0.615 on 20MM shares
Short interest, per Fidelity, was nearly 54MM shares, nearly 11% of shares outstanding as of July 14. I agree, though, these are not naked shorts.
Only moderately nervous here, although I agree a close below 0.5 would increase my nervousness somewhat...
After the 7/10 bottom around 0.5, the next 7 days averaged 76MM shares to the high above 0.8. This was followed by 5 days of decline to about 0.55, with shares averaging only half of what they had during the increase - 38MM vs 76MM.
Best outcome would be to maintain the range around 0.55 (currently 0.546 on some 19.6 MM shares traded).
2nd quarter results are still 2 weeks away but would be good to see a PR before then.
Fidelity lists Q2 report day as August 8 (Unconfirmed) - two weeks from today
Highest volume days since July of last year. Let's hope it can keep up the momentum and not fade again like last year!
52 week low was 0.4135 - looks like it leveled out well above that at 0.5. Hopefully should hold there....
Good bump this morning! Up 12% on 10MM shares in the first 30 minutes....
Stifel analyst J. Bruce Chan maintains Canoo (NASDAQ:GOEV) with a Buy and lowers the price target from $1.65 to $1.5.
Short interest declined by 18MM shares between April 30 and May 15 to a total of 49.35MM or 11.36% of outstanding shares.
Short interest declined by 18MM shares between April 30 and May 15 to a total of 49.35MM or 11.36% of outstanding shares.
Great article! Thanks,
Alvie
From 1st Quarter report:
First Quarter & Recent Business Updates:
•Raised over $150 million in on and off balance sheet financing
•Battery module manufacturing system delivered at Pryor facility
•Initial installation of general assembly line at Oklahoma City facility
•5% Q-o-Q growth in stage 2 and 3 orders
First Quarter Financial Highlights:
•As of March 31, 2023, we had cash and cash equivalents of $6.7 million. After giving effect to the issuance and sale by the Company of convertible debentures of $48.0 million and exercise of warrants of $15.0 million on April 25, 2023, our cash balance would have been $69.7 million as of March 31,2023.
•GAAP net loss and comprehensive loss of $90.7 million for the three March 31, 2023, compared to a GAAP net loss and comprehensive loss of $125.4 million for the three March 31, 2022. The GAAP net loss and comprehensive loss for the three months ended March 31, 2023 included a gain of $2.5 million on the fair value change of the contingent earnout shares liability.
•Adjusted EBITDA of $(67.1) million for the three months ended March 31, 2023, compared to $(117.4) million for the three months ended March 31, 2022.
•Adjusted Net Loss of $72.0 million for the three months ended March 31, 2023, compared to $120.1 million for the three months ended March 31, 2022.
•GAAP Net Loss per share of $(0.22) for the three months ended March 31, 2023, compared to $(0.54) for the three months ended March 31, 2022.
•Adjusted EPS of $(0.17) for the three months ended March 31, 2023, compared to $(0.51) for the three months ended March 31, 2022.
•Net cash used in operating activities totaled $67.2 million for the three months ended March 31, 2023, compared to $120.3 million for the three months ended March 31, 2022.
•Net cash used in investing activities was $18.4 million during the three months ended March 31, 2023, compared to $2.0 million net cash provided by investing activities during the three months ended March 31, 2022.
" Lease rates on the Canoo Lease will increase over its term, commencing at $7.11 per square foot in Year 1 of the lease and ending in Year 10 at $10.94."
Not too bad - lease rates only increase by 3-4%/yr.
Good timing! Nice upward trend since your buy....
Consumer Discretionary Stocks With Whale Alerts In Today's Session
BENZINGA
1:35 PM ET 04/06/2023
This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels.
Here's the list of options activity happening in today's session:
Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
GOEV CALL SWEEP BULLISH 01/17/25 $0.50 $31.3K 8.3K 970
• Regarding GOEV (NASDAQ:GOEV), we observe a call option sweep with bullish sentiment. It expires in 652 day(s) on January 17, 2025. Parties traded 900 contract(s) at a $0.50 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $31.3K, with a price of $34.0 per contract. There were 8338 open contracts at this strike prior to today, and today 970 contract(s) were bought and sold.
Wasn't able to listen to comments, but from quarterly filings:
Qtr Ending Net Loss Shrs Out Loss/Shr
12/31/21 138112 231276 0.66
03/31/22 125367 239858 0.54
06/30/22 164392 242772 0.68
09/30/22 117305 275455 0.43
12/31/22 80200 326130 0.25
Net loss has dropped significantly the last two quarters and 4th qtr loss was only half of 2nd qtr loss (80k vs 164k).
Schindler Elevator Corporation To Deploy Canoo Electric Vehicles To Its Fleet
BENZINGA
12:15 PM ET 03/07/2023
??????Maintains commitment to a low-carbon future
First in the industry to announce the intent of EV light-duty vans in the US
Upfitted for safety and efficiency
-Schindler Elevator Corporation plans to implement, through its Fleet Management Company, the use of fifty (50) 2023 Canoo Lifestyle Delivery Vehicle (LDV) battery-electric vans. The first in its industry to announce its intent to use EV light-duty vans in the United States, Schindler is committed to achieving net-zero emissions by 2040. The Canoo LDV is a Class 1 BEV Utility Van
"We understand that companies like ours play a crucial role around climate change," says Ray Bisson," Schindler CEO, United States. "Deploying these vehicles brings us one step closer to a low-carbon future."
For safety and efficiency, the Canoo vehicles will be upfitted for Schindler technician use.
Features include:
200 + mile range
1543 lb payload
133 cubic feet of entirely usable cargo space
Eight (8) Airbags
Advanced Driver Assistance Systems (ADAS) such as Forward Collision Warning and Automatic Emergency Braking
Earnings expected to be announced today (Unconfirmed)
As of end Dec, some 20%+ of CANOO's stock was shorted (59MM shares), with nearly 8 MM added in Dec alone. If they announce any deliveries, along with long range plans like the one today, we could see a nice short squeeze.
"Hope springs eternal!"
Nice surge this morning - maybe there is news of some deliveries.
Looks like the tax-loss selling ended and the buyers returned. 2023 should be a good year!
Sorry for your significant 'paper loss'. I have the 12/21/25 warrants and am down 40+% but still optimistic.
Two downgrades not yet reported by IH. Ford Equity Research downgraded from 3 to 4 and Refinity/Verus from Hold to Sell.
did you see the 5 second clip of the military vehicle play during the video? Neat!
Canoo Announces EV Battery Module Manufacturing Facility in Oklahoma
November 02 2022 - 08:00AM
JUSTIN, Texas, Nov. 2, 2022 /PRNewswire/ -- Canoo (NASDAQ: GOEV), a leading high-tech advanced mobility company has announced an EV Battery Module Manufacturing Facility at MidAmerica Industrial Park in Pryor, OK. The new facility will expand Canoo's manufacturing and employment footprint in the region. Once ramped, the facility will be capable of approximately 320 MWhs of battery module manufacturing capacity.
"We are accelerating our hiring plans in Pryor with the establishment of our EV Battery Module Manufacturing Facility, which will produce our proprietary battery modules, energy management system and thermal control technology for our MPP platform" said Tony Aquila, Chairman and CEO at Canoo. "This is the first building block for Canoo's production ramp strategy, with more news coming very soon. The location has been strategically selected due to its proximity to our battery cell partner Panasonic and our future MegaMicro factory. In addition, we will be the first EV company to produce our battery modules with Hydro-Power from the Grand River Dam Authority. We will work closely with and hire within the surrounding communities to create an EV Ecosystem in the region."
Canoo previously announced Panasonic as its battery cell provider. The company will begin renovations on its 100,000 sq.ft building located on a 10-acre campus in Q4, 2022 in preparation for delivery of secured manufacturing equipment in Q1, 2023. This location will produce proprietary battery modules on high-capacity assembly lines with state-of-the-art automated machinery. Canoo has refined and validated its battery module manufacturing over recent months and is awaiting delivery of machinery at the new facility. The battery campus will be powered by hydroelectricity from Grand River Dam Authority.
Canoo's battery campus will implement workforce training programs in partnership with the Cherokee Nation, MidAmerica and other local training partners with a goal to provide high paying light blue collar jobs to the local community.
"We are very excited about Canoo accelerating their activities in Pryor with this Battery Module Manufacturing Facility as they ramp up production and ultimately prepare the site for their previously announced MegaMicro Factory" said Dave Stewart, CEO of MAIP. "This is a very encouraging signal to the community and the state of Oklahoma as we continue to attract high-technology companies and jobs."
The Battery Facility will be in proximity to Canoo's MegaMicro Factory, a 400-acre campus at MidAmerica Industrial Park, a 9,000-acre industrial complex strategically located near some of the nation's most highly traveled thoroughfares. When built, the MegaMicro Factory will include a full commercialization facility with a paint, body shop and general assembly plant. It will be a significant investment in the state and will employ more than 2,000 when fully operational.
Canoo Vehicles for Walmart Complete Advanced Deliveries to Refine and Finalize Vehicle Custom Configuration
August 23 2022 - 06:00AM
PR Newswire (US)
JUSTIN, Texas, Aug. 23, 2022 /PRNewswire/ -- Within two weeks of signing an agreement to purchase 4,500 vehicles, Canoo (NASDAQ: GOEV), & Walmart (NYSE: WMT) InHome launched advanced deliveries to finalize their unique configuration for their Lifestyle Delivery Vehicles (LDV) order. Canoo LDV's were deployed for real world deliveries in a 7-days-a-week program in the Dallas Fort Worth metroplex (DFW). InHome delivery is an optional add-on for Walmart+ members offering unlimited delivery from Walmart stores to their door and beyond.
Walmart Purchased 4,500 Canoo Electric Vehicles to be Used for Last Mile Deliveries in Support of Its Growing eCommerce Business
"It's been awesome to work with Walmart's highly experienced team to rapidly deploy our LDV's in real world use cases to finalize a configuration for Walmart," said Tony Aquila, Investor, Chairman & CEO at Canoo. "Our LDV has been engineered to enable a wide range of package deliveries, including refrigerated items, groceries and general merchandise – and do it efficiently, emission free and with a high level of driver comfort and ergonomics. And we have been turning a lot of heads in the neighborhoods when driving by in our uniquely identifiable vehicles."
The LDV: Modular and engineered for industry leading ROI
The LDV is built on Canoo's proprietary multi-purpose platform (MPP) architecture that integrates the motor, battery module, critical driving components and proprietary flat leaf spring suspension. This platform is the foundation for all Canoo vehicles and enables more usable space for the cabin and cargo area. The LDV is engineered for high frequency stop-and-go deliveries and rapid vehicle to door drop-off, including grocery and food/meal delivery. The interior is customized to Walmart's specific use-case at competitive per stop economics. The modular design and 120 cubic feet of cargo volume that's adaptable to evolve with Walmart's business strategy including its focus to become a regenerative zero emissions company by 2040.
Engineered with the driver in mind, the modular vehicle is designed for swift loading and unloading. The smaller footprint, tight turning radius and ease of maneuverability support narrow roads and driveway parking making the LDV ideal for new and veteran delivery drivers.
Canoo and Walmart recently announced an agreement to purchase 4,500 all-electric delivery vehicles, beginning with the LDV, with the option to purchase up to 10,000 units. The vehicles will be used to deliver online orders in a sustainable way which will also contribute to Walmart's goal to achieve zero-emissions by 2040.
Also from the 10-q:
"Salary and related benefits expenses increased by $9.0 million to $14.4 million in the three months ended June 30, 2022,..... These increases were due primarily to investment in personnel to support our growth and achieve start of production in late 2022.
.
.
.
]We expect to see an overall increase in selling, general and administrative expenses to support our growth and initiatives related to the Lifestyle Vehicle, MPDVs, and Pickup which are expected to launch as early as 2022 and 2023."
From the 10-q, this is today's agreement that allows for the sale of up to $200MM of company stock:
"ATM Program
On August 8, 2022, the Company entered into an At-the-Market Offering Agreement (the "ATM Agreement") with Evercore Group L.L.C. and H.C. Wainwright & Co., LLC (collectively, the "agents"), to sell shares of Common Stock having an aggregate sales price of up to $200.0 million, from time to time, through an “at-the-market offering” program under which the agents will act as sales agent. The sales, if any, will be made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company will pay the agents a commission rate of up to 3.0% of the gross sales price per share sold, with H.C. Wainwright & Co., LLC being entitled to an additional 1.5% of the gross sales price per share sold, and has agreed to provide the agents with customary indemnification, contribution and reimbursement rights. The ATM Agreement contains customary representations and warranties and conditions to the sales pursuant thereto. The Company is not obligated to sell any shares of Common Stock under the ATM Agreement and may at any time suspend solicitation and offers thereunder. The offering of shares of Common Stock pursuant to the ATM Agreement will terminate upon the sale of all the shares subject to the ATM Agreement or upon the termination of the ATM Agreement by either the Company or the agents, as permitted therein."
From the 10-q and in response to discussion from a few days ago:
"During the first quarter of 2022, the Company entered into a real estate lease for its industrialization facility in Bentonville, Arkansas ("Bentonville lease"). The original lease term is 10 years and commenced on February 1, 2022.
The Bentonville lease contains an option to extend the term for 10 years and is classified as an operating lease. At the inception of the lease, it was not reasonably certain we would exercise any of the options to extend the term of the leases.
The rent payments made by the Company under the Bentonville lease are expensed on a straight-line basis in the condensed consolidated statements of operations."
Jim Cramer Recommends Selling This Stock: 'No One Ever Likes Me To Say Anything Bad' About This Company
By Benzinga
— 8:14 AM ET 08/04/22
On CNBC's "Mad Money Lightning Round," Jim Cramer said Canoo Inc. (NASDAQ:GOEV) is losing money. "We're done with those stocks that just lose money," he added.
Go GOEV!!! Prove Cramer wrong!
Canoo just raised $50 million through a private offering of shares at $3.65/share.
http://ih.advfn.com/p.php?pid=nmona&article=86496726
PVG to be acquired for C$18.50/share, equivalent to US$14.86
Decision on Alaska’s Pebble Project
November 25, 2020 Vancouver – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern Dynasty" or the "Company") announces that today, its 100%-owned, US-based subsidiary Pebble Limited Partnership (the “Pebble Partnership”) received formal notification from the US Army Corps of Engineers (“USACE”) that its application for permits under the Clean Water Act and other federal statutes has been denied. The lead federal regulator found Pebble’s ‘compensatory mitigation plan’ as submitted earlier this month to be ‘non-compliant’, and that the project is ‘not in the public interest’.
Northern Dynasty called the decision politically motivated and said it is fundamentally unsupported by the administrative record as developed by the USACE through the Environmental Impact Statement (“EIS”) process for the Pebble Project. The Company intends to launch an administrative appeal of the USACE permitting decision.
The Company notes:
“The Final EIS found Pebble to be a project of merit that would fully co-exist with clean water, healthy fish and wildlife populations, and the important fisheries resources of southwest Alaska. The Final EIS also found that Pebble would make an important, positive socioeconomic contribution to the people and villages of Bristol Bay, Alaska – where full-time jobs are scarce and people face one of the highest costs of living in the country – as well as to the State of Alaska and the United States.
“Based on the positive findings of the Final EIS, conclusions by the USACE that development of the Pebble Project is ‘not in the public interest’ are wholly unsupported.
“At a time when the United States has declared a ‘national emergency’ due to its over-reliance on foreign producers for critical minerals required to ensure the country’s future economic and military security, it is unconscionable to determine that permitting and development of one of the greatest accumulations of strategic and critical minerals ever discovered on American soil is ‘not in the public interest’.
“President-elect Biden’s campaign recently said his administration would support boosting domestic production of copper and other metals necessary for the production of clean and renewable energy technologies, and a transition to a lower carbon future.”
Northern Dynasty confirmed that the Pebble Partnership will appeal the USACE permitting decision within the 60-day window provided for it to do so.
“For the United States to turn its back on an opportunity to develop these minerals here at home in a manner that US regulators have agreed is environmentally safe and responsible, and to do so for purely political reasons, is not just short-sighted,” said Northern Dynasty President & CEO Ron Thiessen. “It’s self-destructive.”
BRIEF-Northern Dynasty Minerals Ltd Reacts To Negative Federal Record Of Decision On Alaska's Pebble Project
BY Reuters
— 2:14 PM ET 11/25/2020
Nov 25 (Reuters) - Northern Dynasty Minerals Ltd
* NORTHERN DYNASTY MINERALS LTD
REACTS TO NEGATIVE FEDERAL RECORD OF DECISION ON ALASKA'S PEBBLE PROJECT
* NORTHERN DYNASTY MINERALS - CONFIRMED PEBBLE PARTNERSHIP WILL APPEAL USACE PERMITTING DECISION WITHIN 60-DAY WINDOW PROVIDED FOR IT TO DO SO
* NORTHERN DYNASTY MINERALS LTD - INTENDS TO LAUNCH AN ADMINISTRATIVE APPEAL OF THE USACE PERMITTING DECISION.