Canoo (GOEV) surges following announced CFO change

Shares of electric vehicle startup, Canoo Inc. (NASDAQ: GOEV) are up nearly 21% on Monday after the company announced that they have named board member Greg Ethridge as the automaker’s new Chief Financial Officer, succeeding Ken Manget, effective immediately.

Manget only took on the position of finance chief earlier this year. The company has chosen not to reveal any grounds for Manget's departure. However, shares of GOEV have traded down 57% so far in 2023.

Ethridge has agreed to step down from Canoo's board of directors, a position he has held since 2020, before the year concludes.

Canoo holds agreements with the U.S. Defense Department to provide advanced battery packs, as well as with Walmart (WMT.N) and the National Aeronautics and Space Administration (NASA) to supply electric vehicles.

Earlier this month, the company reported a quarterly loss that was below expectations due to reduced research and development expenses.

Shares of EVGO are up 20.89% in afternoon trading Monday.

By Michael Elkins | [email protected]

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