Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday.
Now, the US will appoint “a Bankruptcy Trustee to oversee the liquidation of the Company’s assets and the distribution of proceeds to creditors,” Canoo writes. The company says it chose to file after…
