Written by Cláudio Afonso | LinkedIn | X
Canoo said on Thursday it will report its third quarter earnings results on November 13, after the market close, with the conference following at 5 p.m. Eastern time.
The call will be hosted by the chief executive Tony Aquila, the new CFO Kunal Bhalla, and the Senior Vice President of Finance, Chief Accounting Officer, and Chief Administrative Officer Ramesh Murthy.
The earnings are seen as crucial for investors who seek business updates from the management. In the past two weeks, Canoo has furloughed 30 workers at its Oklahoma factory, lost both its CFO and General Counsel, and faced accusations from employees over alleged mismanagement and misleading production claims, while its stock plummeted over 50% to a new low of $0.37.
Earlier this week, the company announced that its Chief Financial Officer Greg Ethridge and General Counsel Hector Ruiz have resigned on the last day of October. Bhalla, the new CFO has been working at Canoo since 2020.
As reported earlier today by EV, the company is being sued by a supplier for breach of contract related to unpaid work on six electric delivery vans ordered by the U.S. Postal Service (USPS), according to what insiders told EV.
Last week, the company announced it had furloughed 23% of the workforce, equivalent to 30 employees, at its Oklahoma plant as part of what it described as a “broader realignment of North American operations.”
The startup disclosed in an SEC filing on Tuesday that it has entered into a $12 million secured revolving credit facility with AFV Management Advisors, LLC, an entity founded by the company’s CEO, Tony Aquila.
As of the time of writing, Canoo stock is trading 0.5% higher during Thursday’s pre-market session at $0.40.
Written by Cláudio Afonso | LinkedIn | X
The post Canoo to Report Q3 Earnings Results on November 13 first appeared on EV.