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.

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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LA Tech Week: A Case for the CryptoMondays

Ilana Gordon
Ilana Gordon is an entertainment, culture, and tech writer originally from Connecticut. She currently lives in Los Angeles.
LA Tech Week: A Case for the CryptoMondays
Photo by Igor Rand on Unsplash

Tech Week in L.A. is officially underway, and that sound you hear is drivers across the Westside searching for parking. Get in, losers, we’re sharing where we went and what we saw there.

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