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All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’
Canoo struggles to stay afloat.
Days after furloughing dozens of its employees without pay, EV startup Canoo told the remainder of its staff they will be on a “mandatory unpaid break” through at least the end of the year, TechCrunch reported Friday. Canoo says the consolidation aims to keep its stock listed on the Nasdaq exchange and attract “a broader group of institutional and retail investors.” As The Verge ’s Andrew Hawkins wrote last year, analysts have warned of its risk of insolvency as it’s teetered on the edge of running out of cash since 2022.
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