Canoo loses its CFO and high authorized knowledgeable | TechCrunch – Techcrunch
EV startup Canoo has lost its chief financial officer and its head authorized knowledgeable, essentially the most favorite in a string of govt departures as the firm continues to fight to search out mass adoption of its electric work trucks.
CFO Greg Ethridge and general counsel Hector Ruiz each resigned from Canoo on October 31, the firm announced Tuesday in a regulatory submitting. Ethridge and Ruiz didn’t respond to requests for comment.
Canoo also announced it has furloughed 30 workers in Oklahoma for 12 weeks “as phase of a broader realignment of its North American operations.”
Ethridge has been modified by aged investment banker Kunal Bhalla, who has been chief of workers to CEO Tony Aquila. Bhalla will invent a unpleasant wage of $300,000. Accomplice general counsel Sean Yan will exchange Ruiz.
The departures attain exact about a weeks after Canoo closed its unusual headquarters in Los Angeles, California in describe to prioritize its operations in Texas and Oklahoma. The final final co-founder left the firm in the future of the identical time, as did Canoo’s chief technology officer.
Canoo has been struggling financially as of gradual. The firm reported around $19 million in total money as of June 30, 2024, $4.5 million of which used to be unrestricted. In October, Canoo published in a regulatory submitting that a fund connected to Aquila loaned the startup around $1.2 million at an 11% pastime price. On Tuesday, the firm announced in the identical regulatory submitting that it has borrowed one other $2.7 million from Aquila’s fund. Canoo has also entered exact into a revolving credit facility with Aquila’s fund.
Canoo is also going by technique of more than one court cases from suppliers alleging unpaid bills, as TechCrunch beforehand reported. One other vendor, Kistler Instrument Corporation, has since filed a lawsuit against Canoo to boot in Los Angeles Superior Court looking out for $56,000 in damages.
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Sean O’Kane is a reporter who has spent a decade overlaying the swiftly-evolving alternate and technology of the transportation alternate, in conjunction with Tesla and the different startups chasing Elon Musk. Most lately, he used to be a reporter at Bloomberg News where he helped fracture experiences about some of essentially the most notorious EV SPAC flops. He beforehand labored at The Verge, where he also covered client technology, hosted many brief- and prolonged-influence videos, performed product and editorial pictures, and as soon as just about passed out in a Crimson Bull Air Scurry aircraft.
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