In fact, the situation is so bad, on Friday, the company announced it’s voluntarily filed for relief under Chapter 7 in the Bankruptcy Court of Delaware. According to a media release shared by the company,

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.

Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to creditors. According to the Friday announcement,

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Canoo, the electric vehicle startup, has announced its filing for bankruptcy after failing to secure the necessary funding over the past few months.In a press release issued on Friday, the company stated that it would cease all operations immediately and plans to file for Chapter 7 bankruptcy.