Canoo Inc. (GOEV) sells 50m shares at $1.05 in direct offering
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Canoo Inc. (Nasdaq: GOEV) entered into definitive agreements with certain institutional investors for the purchase and sale of 50,000,000 shares of the Company's common stock together with warrants to purchase up to 50,000,000 shares of common stock at a combined purchase price of $1.05 per share and accompanying warrant, pursuant to a registered direct offering. The warrants will have an exercise price of $1.30 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.
The closing of the offering is expected to occur on or about February 8, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $52.5 million. The Company intends to use the net proceeds from the offering for general working capital purposes.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
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