JUSTIN,
Texas, Feb. 6, 2023 /PRNewswire/ -- Canoo Inc.
(Nasdaq: GOEV) (the "Company" or "Canoo"), a high-tech advanced
mobility company, announced today that it has entered into
definitive agreements with certain institutional investors for the
purchase and sale of 50,000,000 shares of the Company's common
stock together with warrants to purchase up to 50,000,000 shares of
common stock at a combined purchase price of $1.05 per share and accompanying warrant,
pursuant to a registered direct offering. The warrants will have an
exercise price of $1.30 per share,
will be initially exercisable beginning six months following the
date of issuance and will expire five years from the initial
exercise date.
The closing of the offering is expected to occur on or about
February 8, 2023, subject to the
satisfaction of customary closing conditions. The gross proceeds
from the offering are expected to be approximately $52.5 million. The Company intends to use the net
proceeds from the offering for general working capital
purposes.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
The offering is being made pursuant to a "shelf" registration
statement on Form S-3 (File No. 333-266666) previously filed with
and declared effective by the U.S. Securities and Exchange
Commission (the "SEC") on August 17,
2022. A prospectus supplement describing the terms of the
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by
telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with bold innovations in design, pioneering
technologies, and a unique business model that spans the full
lifecycle of the vehicle. Distinguished by its experienced team
from leading technology and automotive companies – Canoo has
designed a modular electric platform purpose-built to deliver
maximum vehicle interior space that is customizable across all
owners in the vehicle lifecycle to support a wide range of vehicle
applications for consumers and businesses.
Canoo has teams in California,
Texas, Oklahoma, Arkansas and Michigan. For more information, please visit
www.canoo.com. For Canoo press materials, including photos, please
visit press.canoo.com. For investors, please visit
investors.canoo.com.
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Forward-looking statements include, but
are not limited to, statements that express our intentions,
beliefs, expectations, strategies, predictions or any other
statements relating to our future activities or other future events
or conditions, including, but not limited to the expected closing
of the offering and the use of proceeds. These statements are based
on current expectations, estimates and projections about our
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict
and include, without limitation, our ability to consummate the
offering and satisfy the applicable closing conditions, the
expectations as to vehicle deliveries, the establishment of our
service and delivery network and our expected rate of production.
Therefore, actual outcomes and results may, and are likely to,
differ materially from what is expressed or forecasted in the
forward-looking statements due to numerous factors discussed from
time to time in documents which we file with the SEC. In addition,
such statements could be affected by certain risks and
uncertainties, such as those described from time to time in
periodic and current reports that we file with the SEC. Any
forward-looking statements speak only as of the date on which they
are made, and except as may be required under applicable securities
laws, we do not undertake any obligation to update any
forward-looking statements.
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SOURCE Canoo