Form 8-K - Current report
September 15 2023 - 4:05PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported):
September 14, 2023
CANOO INC.
(Exact name of registrant as specified in its
charter)
Delaware
(State
or Other Jurisdiction
of Incorporation) |
001-38824
(Commission
File Number) |
82-1476189
(I.R.S. Employer Identification Number) |
19951 Mariner Avenue
Torrance,
California |
90503 |
(Address of principal executive offices) |
(Zip Code) |
(424) 271-2144
(Registrant’s telephone number,
including area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each
class |
|
Trading
symbol(s) |
|
Name of each
exchange
on which registered |
Common Stock, $0.0001 par value per share |
|
GOEV |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
GOEVW |
|
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing.
As
previously disclosed, on March 27, 2023, Canoo Inc., a Delaware corporation (the “Company”) received a letter from the Listing
Qualifications Department (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the
closing bid price of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”), for the prior 30 consecutive business days, the Company was not in compliance with the $1.00 minimum bid price requirement
set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Select Market (the “Bid Price Requirement”).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days, or until September 25, 2023, to regain compliance
with the Bid Price Requirement.
On August
23, 2023, the Company applied to transfer its securities from The Nasdaq Global Select Market to The Nasdaq Capital Market. Along with
its application, the Company also provided written notice to the Staff of its intention to cure the deficiency. On September 14, 2023,
the Company received a letter from the Staff approving the Company’s application to list its securities on The Nasdaq Capital Market.
The Company’s securities will be transferred to The Nasdaq Capital Market at the opening of business on September 18, 2023. The
Company’s Common Stock and warrants will continue to trade under the symbols “GOEV” and “GOEVW”, respectively.
The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Select Market
and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. Pursuant
to Nasdaq Listing Rule 5810(c)(3)(A), if a company listed on The Nasdaq Capital Market is not deemed in compliance before the expiration
of the 180-day compliance period, it will be afforded an additional 180-day compliance period, provided that on the 180th day of the first
compliance period it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable
standards for initial listing on the The Nasdaq Capital Market (except the Bid Price Requirement).
The Company
will continue to monitor the closing bid price of its Common Stock and consider implementing available options to regain compliance with
the Bid Price Requirement within the allotted compliance period, including by effecting a reverse stock split, if necessary. If at any
time during the allotted compliance period, the closing bid price of the Company’s Common Stock is at least $1 per share for at
least a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the matter
will be closed. If the Company does not regain compliance within the allotted compliance period, Nasdaq will provide notice that the Company’s
Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel.
There can be no assurance that the Company will regain compliance with the Bid Price Requirement within the allotted compliance period,
or that if the Company appeals a Nasdaq determination, that such an appeal would be successful.
The Company’s
management intends to resolve this matter so as to allow for continued listing and is considering its options to regain compliance with
the Bid Price Requirement. The Company’s approval of its application from the Staff does not affect the Company’s reporting
requirements with the Securities and Exchange Commission.
Forward-Looking Statements
This report contains forward-looking statements,
and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements
include, among other things, statements related to the Company’s ability to regain compliance with the Nasdaq listing standards,
including by effecting a reverse stock split. These statements are subject to risks and uncertainties, and actual results may differ materially
from these statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date
of this report. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances
after the date hereof.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 15, 2023 |
CANOO INC. |
|
|
|
|
By: |
/s/ Hector Ruiz |
|
Name: |
Hector Ruiz |
|
Title: |
General Counsel and Corporate Secretary |
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