Canoo (GOEV) said late Wednesday it temporarily reduced its workforce with 82 salaried and hourly employees furloughed and also suspended its manufacturing operations in Oklahoma.
The electric cargo vehicle manufacturer said it has "no choice at this point" as it works to obtain essential funding for continued operations.
Canoo said advanced negotiations are underway with multiple capital providers.
company shares were down 4% in after-hours activity.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments