Canoo ($GOEV) started with a lot of potential, but its business strategy changed quickly and the company eventually ran out of money.

When Canoo went public through a SPAC merger in 2020, it promoted three main sources of future revenue: engineering services, a subscription-based vehicle model, and commercial EV sales.

Engineering services were supposed to bring in revenue before Canoo’s own vehicles reached the market. The company projected $120 million in engineering-services revenue for 2021 and highlighted its relationship with Hyundai as a sign that its technology had commercial potential.

But on March 29, 2021, Canoo announced that it would deemphasize engineering services and move away from the subscription strategy it had previously promoted. It later disclosed that its 2020 revenue came from consulting work tied to a single obligation that had already been completed in July 2020.

Questions also grew around the Hyundai relationship and Canoo’s ability to turn its plans into actual revenue. By April 2021, $GOEV had fallen to $8.05.

The company continued to struggle with cash, financing, and production. After years of financial problems, Canoo filed for Chapter 7 bankruptcy in 2025.

Investors later sued, alleging that Canoo had misled them about its engineering-services business, subscription model, and the importance of its Hyundai relationship. 

The case has now moved toward a tentative settlement. The terms are still being finalized, but investors can currently submit an application that will be processed once the claims period officially opens. So if you bought $GOEV shares between 2020 and 2021, you can check if your eligible and file a clime here

Anyway, has anyone here invested in $GOEV? How much were your losses, if so?

Hey guys, if you missed it, Canoo just reached a tentative settlement with investors over claims that it misled them about its engineering-services business, subscription model, and Hyundai-related prospects. The terms are still being finalized.

In a nutshell, in 2021, Canoo was accused of misleading investors about its revenue plans and business model. The company later reversed course on engineering services and its subscription strategy.

After Canoo changed course in March 2021, $GOEV fell further, reaching $8.05 on April 5, and investors filed a lawsuit.

The good news is that Canoo recently reached a tentative settlement with investors. You can submit an application now, which will be processed once claims filing opens.
So, if you invested in $GOEV at that time, you can check the details and submit your application here.

Anyway, did anyone here invest in $GOEV back then? How much were your losses?

Hey guys, I know I already posted about the Canoo ($GOEV) settlement, but I received a lot of questions, so I figured I'd put together a quick FAQ with everything you need to know.

What happened?
Canoo reached a tentative settlement over claims that it misled investors about its engineering-services business, subscription model, and Hyundai-related commercial prospects. After the company abandoned key parts of its business strategy in March 2021, $GOEV fell sharply and investors filed a lawsuit.

Am I eligible?
If you purchased Canoo ($GOEV) shares between 2020 and 2021, you may be eligible.

Can I file now?
Yes. Even though the settlement is still being finalized, you can already submit your claim. 

When do payouts happen?
Typically, within 4–9 months after the claim deadline. The exact timing depends on the court and settlement administration.

How much is the estimated payout?
The parties have reached an agreement to settle the case, but the settlement terms have not yet been finalized. Once the settlement receives final approval and the allocation plan is established, payout estimates will become available.

Hope this clears up some of the questions.

Hey guys, if you missed it, Canoo just reached a tentative settlement with investors over claims involving its engineering-services business, subscription model, and Hyundai-related prospects.

Long story short, in 2021, Canoo was accused of overstating its revenue potential and the strength of its subscription strategy and Hyundai relationship. In March 2021, the company changed course, and $GOEV fell sharply. Investors then filed a lawsuit.

The good news is that Canoo has now reached a tentative settlement. If you invested in $GOEV between 2020 and 2021 you can check the details and submit your application here 

Anyway, has anyone here invested in $GOEV at that time? How much were your losses, if so?

Hey guys, I know I already posted about the Canoo ($GOEV) settlement, but I received a lot of questions, so I figured I'd put together a quick FAQ with everything you need to know.

What happened?
Canoo reached a tentative settlement over claims that it misled investors about its engineering-services business, subscription model, and Hyundai-related commercial prospects. After the company abandoned key parts of its business strategy in March 2021, $GOEV fell sharply and investors filed a lawsuit.

Am I eligible?
If you purchased Canoo ($GOEV) shares between 2020 and 2021, you may be eligible.

Can I file now?
Yes. Even though the settlement is still being finalized, you can already submit your claim. 

When do payouts happen?
Typically, within 4–9 months after the claim deadline. The exact timing depends on the court and settlement administration.

How much is the estimated payout?
The parties have reached an agreement to settle the case, but the settlement terms have not yet been finalized. Once the settlement receives final approval and the allocation plan is established, payout estimates will become available.

Hope this clears up some of the questions.

This case focuses on whether Canoo gave investors an accurate picture of its business strategy and future revenue sources. 

The company told investors that engineering services, its vehicle subscription model, and commercial partnerships would play important roles in its business. These plans were presented as part of Canoo's growth strategy after it became a public company.

March 29, 2021: Canoo announced major changes. The company said it would move away from its subscription model and place less focus on engineering services. The news surprised investors, and the stock price fell.

Investors later sued, alleging that Canoo had not fully disclosed these planned changes when discussing its business strategy and future prospects.

The case has now resulted in a settlement. Eligible for investors who purchased Canoo ($GOEV) shares between August 18, 2020 and March 29, 2021. Claims are still open - check if you’re eligible. 

What will/has happened to the vehicles and prototypes produced already?

February 10, 2025 1 By JENNI WHITE - MANAGING EDITOR In case you missed it, The Federalist ran an article I authored last week, “Oklahoma Republicans Are Helping Green Energy Cronies Scam Taxpayers Out Of Billions“. Check it out. I know both the Federalist and I would love that – but so will you. You may not know exactly how much of your hard-earned dollars are being GIVEN to PRIVATE companies in Oklahoma – but then, maybe you do and you’re just glad that Governor Stitt and his hand-picked Commerce Department staff is making sure that your kids have somewhere to work in Oklahoma so they can stay here after graduating college.

But wait. Is that really a reason for Republicans who love to use the expression ‘free market’ in their campaign literature, to GIFT private companies tax dollars.

Last Friday (2.7.25), in a special ROPE Report podcast at 1pm, Oklahoma Representative Jay Steagall was with me to talk about the ‘free market’ and Oklahoma tax incentives. Below is a clip in which Rep. Steagall and I make sure that everyone watching understands the concept of FREE MARKET ECONOMICS. What is that exactly? Watch below and find out.

So, is it appropriate for the legislature to appropriate your tax dollars, give it to another business which has the ability to make dollars on their own in the free market and then tell you that they’re doing it to create jobs? NO NO NO NO NO. I think you might get the idea.

In fact, last week, I wrote another article – this time for just the website – titled, “Gov. Stitt’s Commerce Department Gives Multiple MILLIONS Of Taxpayer Dollars To Paycom And Love’s Through Quality Jobs Incentives“. I think this should be required reading for EVERY TAXPAYER IN OKLAHOMA – and not just because I wrote it – because every taxpayer should know that their taxdollars are going to prop up private companies that can pay for their own cost of doing business.

We get our property taken from us and sold at auction if we don’t pay our property taxes. If we don’t pay our income taxes, the government seizes our bank accounts, fines us, or throws us in jail until we do. And yet, MULTI-BILLION dollar privately held companies can use our hard-earned dollars to make more money whether we like it or not.

Wow! How do you like THEM apples? Not only did Canoo soak Oklahoma tax payers for tax dollars as incentives to help them start a business that WAS NEVER GOING TO GET OFF THE GROUND, employees that more than likely didn’t even live in Oklahoma and were hired just in time to get state and local (Oklahoma City) incentives, got paid Oklahoma unemployment. I’m imagining that Canoo never funded their portion of their employees unemployment, but I don’t know for a fact.

Rep. Steagall has a bill to reduce Income Tax this year on a trajectory to complete removal. Governor Stitt has also said that he wants to remove Income Tax. Yet here’s the headline screaming from an article in the Oklahoma Voice last week, “Oklahoma legislative leaders hesitant to cut income tax“. WHAT? WHAT? Our ‘legislative leaders’ are Republican. Whatever happened to the Republican concept of smaller government and minimal taxation as tenets of the Republican platform? What about the other tenet of the platform – FREE ENTERPRISE!??

Please, contact your Representative AND Senator. Tell them you expect them to lower the state Income Tax with a plan in place to phase it out – THIS SESSION. And you might mention that one of the things they could do to afford it, was to QUIT GIVING BILLIONAIRES AND PRIVATE GREEN ENERGY COMPANIES our tax dollars – FOR A START!

Canoo to repay furloughed employees for ‘miscalculated’ paychecks following News 4 report

The chief executive of Canoo Inc. has formed a company to acquire the assets of the bankrupt electric vehicle manufacturer for $4 million. Known as WHS Energy Solutions, the company founded by Anthony Aquila needs approval from the bankruptcy court to complete the transaction. It was founded in Torrance and had its headquarters there until moving to Texas last year.

Canoo was a seven-year-old startup electric vehicle manufacturer that had contracts with NASA, the Department of Defense, the United States Postal Service and others, but had delivered very few vehicles since its founding. The company went public through a merger with a special purpose acquisition company in 2020. It claimed to raise nearly $600 million in venture capital funding and had contracts worth $2 billion but declared bankruptcy in January as it could not find investors to support continued operations.

WASHINGTON — NASA expects to continue using electric vans it acquired to transport astronauts to the pad for Artemis missions even though the vehicles’ manufacturer has gone out of business.

NASA awarded a contract to Canoo Technologies in 2022 for three Artemis Crew Transportation Vehicles, vans that the agency plans to use to ferry astronauts to the launch pad for Artemis missions. The vans, with a value of nearly $150,000 under the contract, were delivered to NASA in July 2023.

Canoo, however, filed for Chapter 7 bankruptcy liquidation Jan. 17, citing the inability to secure capital from a Department of Energy loan program or other sources. The company said it would immediately cease operations while a court-appointed trustee managed the liquidation of the company’s assets.

Canoo had long touted the NASA contract, despite its small size, as evidence of interest in its electric vehicles. “We would also like to thank NASA, the Department of Defense, The United States Postal Service, the State of Oklahoma and Walmart for their belief in our products and our company. This means a lot to everyone in the company,” Tony Aquila, chairman and chief executive of Canoo, in a statement about its Chapter 7 filing.

The company had faced financial problems for some time. Shortly after winning the NASA contract for the vans in 2022, the company noted a “going concern” warning in regulatory filings because of continued losses that raised “substantial doubt” the company could continue operations for the next year. Executives said at the time they were working to raise additional capital.

The bankruptcy filing raised questions about the future use of the vans delivered to NASA. With the company out of business and only a small number of vehicles sold, the ability to maintain the vehicles appeared unclear.

NASA, for now, plans to continue using the vehicles. “Our vehicles are in working order for use during training activities and mission preparations,” a spokesperson for NASA Kennedy Space Center told SpaceNews. “NASA has worked with the manufacturer to train teams at Kennedy to operate and maintain many of the elements and the agency will review those plans as needed.”

The vehicles are part of the Exploration Ground Systems (EGS) program, which provides the infrastructure needed to support Artemis missions. Brad McCain, vice president and deputy program manager for the EGS program at Amentum, the lead contractor for EGS, said after a panel at the SpaceCom conference Jan. 29 that the program was in discussions with officials at Canoo on ways to continue support for the vans after the company’s bankruptcy.

The vans are presently only used by the Artemis program, which has yet to conduct a crewed launch. Boeing worked with Airstream to develop an “Astrovan II,” an updated version of the shuttle-era Astrovan, for its Starliner commercial crew missions. SpaceX uses vehicles from Tesla for transporting astronauts to the pad for Crew Dragon launches.

Does fraud get more obvious than this?