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.
<p>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 <a href="https://dot.la/canoo-2649521744/particle-1" target="_self">delivery van</a> that starts at $33,000.</p><p>The startup <a data-linked-post="2645109330" href="https://dot.la/canoo-hyundai-electric-vehicle-2645109330.html" target="_blank">inked a deal earlier this year</a> with Hyundai Motor Group to build its futuristic modular minivan that consumers can rent through a subscription service.</p><p>Canoo's move is the latest in a string of electric vehicles going public via a SPAC. In October, <a data-linked-post="2648211958" href="https://dot.la/fisker-gets-ready-for-wall-street-debut-picks-up-manhattan-beach-hq-2648211958.html" target="_blank">Fisker went public</a> following a similar merger that valued the company at around $3 billion. </p><p>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.</p><p>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.</p>
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