Canoo Places Employees on Mandatory Unpaid Leave

Electric vehicle startup Canoo has placed its remaining employees on a 'mandatory unpaid break' through the end of the year due to ongoing financial difficulties. This decision follows a recent announcement of furloughs for nearly 100 employees and the idling of its Oklahoma assembly facility, as the company struggles to secure necessary funding. An internal email revealed that employees would be locked out of company systems and would retain benefits until December 31. Canoo reported having only $700,000 left in its bank and announced a 1-for-20 reverse stock split to maintain its Nasdaq listing. The company has faced significant executive turnover and has shifted its focus from consumer vans to commercial vehicles. As it stands, Canoo continues to seek stability amid its precarious financial situation.