Defendant Name: Canoo Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 13803R10

Initial Case Details

Legal Case Name In the Matter of Canoo Inc.
First Document Date 04-Aug-2023
Initial Filing Format Administrative Action
File Number 3-21544
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Sec 14(a)
• Rule 14a-3
• Rule 14a-9
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 04-Aug-2023
Headline Total Penalty and Disgorgement $1,500,000

Related Documents:

33-11217 04-Aug-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On August 4, 2023, the SEC instituted settled cease-and-desist proceedings against Canoo Inc., stating: "Canoo, which designs and produces electric vehicles (“EVs”), became a publicly-traded company through a “SPAC” transaction in late 2020. From August 2020 through March 2021 in materials filed with the Commission and sent to investors, Canoo made material misrepresentations regarding its projected fiscal year 2021 and 2022 revenues. These misstatements occurred during and after the transaction through which Canoo became publicly traded, which occurred in December 2020 when it merged into a special purpose acquisition company (the “SPAC Company”)."

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