**Canoo Inc. Secures Additional Financing and Announces Executive Changes**

Canoo Inc. (NASDAQ:GOEV) recently filed an 8-K form with the Securities and Exchange Commission, detailing significant financial transactions and executive appointments within the company.

On October 30, 2024, Canoo issued an Unsecured Grid Promissory Note to AFV Management Advisors, LLC, affiliated with the company’s Chief Executive Officer and Executive Chair, Mr. Tony Aquila. This note, with an initial principal amount of $850,000 and an annual interest rate of 11%, allowed for additional advances. Following subsequent requests, AFV provided Canoo with additional advances of $2 million and $725,000 on October 30 and November 1, respectively, bringing the total outstanding principal amount to $3,845,000 as of November 5, 2024.

Additionally, on November 5, 2024, Canoo entered into a Revolving Credit Facility Agreement with AFV for working capital advances of up to $12 million, secured by the company’s subsidiary’s equipment and cash proceeds. Canoo utilized part of this facility to repay the principal and interest under the previously issued promissory note.

Further, the company appointed Kunal Bhalla as its Chief Financial Officer, effective immediately from October 31, 2024. Bhalla, with a background in investment banking and various roles within Canoo since November 2020, will receive an annual base salary of $300,000 and standard benefits.

In related changes, Greg Ethridge, the former Chief Financial Officer, and Hector Ruiz, General Counsel and Corporate Secretary, resigned from their positions. Sean Yan was appointed as General Counsel and Secretary, while Ramesh Murthy took on the additional role of Chief Administrative Officer.

Simultaneously, Canoo announced a temporary reduction in its Oklahoma City workforce, furloughing 23% of factory workers for twelve weeks as part of a strategic realignment in its North American operations. This decision aligns with the company’s efforts to optimize its U.S. workforce for future growth, focusing on supply chain harmonization and operational efficiencies.

The article noted that the Secured WC Facility agreement was considered a related party transaction and that the detailed terms would be included in Canoo’s upcoming periodic reports.

The Company expressed its commitment to supporting the affected workers throughout this transitional period and ensuring necessary resources are provided.

This has been a brief summary of the recent 8-K filing from Canoo Inc., showcasing key financial movements and executive changes within the organization.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Canoo’s 8K filing here.

About Canoo

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.