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EV SPAC Canoo agrees to sell $52M in stock to stay alive



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Canoo has agreed to sell 50 million shares at a steeply discounted price as the cash-strapped EV company seeks the money it needs to keep its operations running.
Canoo said Monday it would sell 50 million new shares to unnamed investors for $1.05 per share, a 16% discount from its closing price Friday. The shares will be sold together with warrants that give the investors an option to buy up to 50 million more. Each share comes with one warrant that can be exercised at $1.30 per share.
The gross proceeds from the offering are expected to be about $52.5 million, the company said.
Canoo has repeatedly warned that it’s low on cash and will likely need to issue more shares to raise capital. Still, the move was snubbed by investors …

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