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EV startup Canoo has filed for bankruptcy and stopped all operations

Canoo announced the filing on Friday night following months of financial troubles.

Canoo said on Friday night that it has filed for Chapter 7 bankruptcy and “will cease operations effective immediately,” after failing to secure enough funding to keep it going. In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy’s Loan Program Office or from “foreign sources of capital” that executives had been in talks with. “In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency,” it said.

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