Defendant Name:
Canoo Inc.
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
13803R10
Document Reference:
33-11217
Document Details
Legal Case Name
In the Matter of Canoo Inc.
Document Name
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
Document Date
04-Aug-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$1,500,000.00
Shared:
