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AUTO NEWS – Feds Investigating One other As soon as-Promising EV Startup

Feds Investigating One other As soon as-Promising EV Startup

It looks as if each few months an electrical automobile start-up that issued an IPO after merging with a particular goal acquisition firm, or SPAC, turns into the topic of a US authorities investigation. At present, it is Canoo’s flip. The Securities and Alternate Fee (SEC) has opened an investigation into the Los Angeles-based EV startup, in line with newly appointed CEO Tony Aquila. Aquila revealed this throughout a convention name with buyers earlier this week. For now, the SEC is solely on a “fact-finding” mission to find out whether or not or not Canoo broke the regulation throughout its SPAC merger course of.

The investigation will cowl its “operations, enterprise mannequin, revenues, income technique, buyer agreements, earnings and different associated subjects, together with the current departures of sure of the Firm’s officers,” in line with the SEC submitting.

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AUTO NEWS – Feds Investigating One other As soon as-Promising EV Startup
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