Canoo (NASDAQ: GOEV) has been one of the market's worst-performing electric vehicle stocks. Lastly, Canoo continued to burn cash as its liquidity dried up. Walmart also gained a warrant that gave it the option to buy more than a fifth of Canoo's outstanding shares at $2.15 per share.
Canoo Inc (NASDAQ:GOEV) stock closed Friday up 4.6% after CEO Tony Aquilla bought over 9 million additional shares of the EV maker. Filings with the SEC showed that on November 9, 2022, Canoo entered into the Subscription Agreement providing for the purchase of an aggregate of 9,009,009 shares of Common Stock at a price of $1.11 per share for an aggregate purchase price of $10.0 million.
A big show of confidence by the CEO has investors feeling better about the electric vehicle start-up.