Canoo Crashed Nearly 8% in Morning Trading After Getting Closer to Walmart With Warrant Deal
Canoo crashed nearly 8% in morning trading after getting closer to Walmart with warrant deal.
In a SEC filing last night, Canoo (GOEV) disclosed that it also issued Walmart (WMT) a warrant to purchase up to an aggregate of 61,160,011 shares at an exercise price of $2.15 per share. That share amount is more than 20% of all the outstanding shares.
Canoo (GOEV) also agreed not to supply any vehicles to Amazon as part of the deal with Walmart (WMT). The electric vehicle maker must also notify Walmart (WMT) in writing of any acquisition offers within 72 hours.
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