Canoo's Limp Wall Street Debut

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Canoo's Limp Wall Street Debut
Photo Courtesy of Canoo

The electric car company Canoo made a weak Wall Street debut on Tuesday after completing a reverse merger with Hennessy Capital Acquisition.

The Torrance-based startup, trading on the Nasdaq under the ticker symbol GOEV, closed the session down 3.1%, falling from $22.75 a share.


The company offers a subscription electric car that is slated for release in 2022 and has touted its "skateboard platform" design. Last week, Canoo unveiled its second vehicle, a delivery van that starts at $33,000.

The startup inked a deal earlier this year with Hyundai Motor Group to build its futuristic modular minivan that consumers can rent through a subscription service.

Canoo's move is the latest in a string of electric vehicles going public via a SPAC. In October, Fisker went public following a similar merger that valued the company at around $3 billion.

The EV market is red hot. Shares for Tesla were down after its first day in the S&P 500 Monday, but its stock soared this year, making Elon Musk the second richest person in the world.

Hennessy shareholders approved the deal with Canoo on Monday. In a statement released then, Canoo CEO Tony Aquila said that "the next chapter is a very important one" as the company gears up for 2023 production.

https://twitter.com/frosebillington
francesca@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

How Real-Time Data Is Helping Physicians Track Their Patients, One Heartbeat at a Time

S.C. Stuart
S.C. Stuart is a foreign correspondent (ELLE China, Esquire Latin America), Contributing Writer at Ziff Davis PCMag, and consults as a futurist for Hollywood Studios. Previously, S.C. was the head of digital at Hearst Magazines International while serving as a Non-Executive Director, UK Trade & Investment (US) and Digital Advisor at The Smithsonian.
How Real-Time Data Is Helping Physicians Track Their Patients, One Heartbeat at a Time

Are you a human node on a health-based digital network?

According to research from Insider Intelligence, the U.S. smart wearable user market is poised to grow 25.5% in 2023. Which is to say, there are an increasing number of Angelenos walking around this city whose vital signs can be tracked day and night via their doctor's digital device. If you've signed up to a health-based portal via a workplace insurance scheme, or through a primary care provider's portal which utilizes Google Fit, you’re one of them.

Do you know your baseline health status and resting heartbeat? Can you track your pulse, and take your own blood pressure? Have you received genetic counseling based on the sequencing of your genome? Do you avoid dairy because it bloats, or because you know you possess the variant that indicates lactose intolerance?

Read moreShow less

Who Will Win LA's E-scooter Wars?

Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
Who Will Win LA's E-scooter Wars?
Evan Xie

Los Angeles — it’s not just beautiful weather, traffic and the Hollywood Walk of Fame — it’s also the largest shared micromobility market in the U.S. with six operators permitted to deploy up to 6,000 vehicles each.

And despite the open market policy, the competition shows no signs of slowing down.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending