On June 13, 2024, Canoo Inc., a company incorporated in Delaware and listed on The Nasdaq Capital Market under the symbol GOEV, announced the entry into a Pre-Paid Advance Agreement with YA II PN, Ltd., a Cayman Islands exempt limited partnership also known as Yorkville. The agreement stipulates that Yorkville will advance $15 million to Canoo Inc. This advance will be offset by the issuance of Canoo's common stock to Yorkville at an initial price of $2.30 per share. The purchase price will be subject to adjustments on the 60th and 120th days after the Effective Date, based on the average of the daily Volume Weighted Average Prices (VWAPs) for the ten trading days prior to those dates, provided certain equity conditions are met...Show More

On June 13, 2024, Canoo Inc., a company incorporated in Delaware and listed on The Nasdaq Capital Market under the symbol GOEV, announced the entry into a Pre-Paid Advance Agreement with YA II PN, Ltd., a Cayman Islands exempt limited partnership also known as Yorkville. The agreement stipulates that Yorkville will advance $15 million to Canoo Inc. This advance will be offset by the issuance of Canoo's common stock to Yorkville at an initial price of $2.30 per share. The purchase price will be subject to adjustments on the 60th and 120th days after the Effective Date, based on the average of the daily Volume Weighted Average Prices (VWAPs) for the ten trading days prior to those dates, provided certain equity conditions are met. The net proceeds to Canoo Inc. after fees and discounts will be approximately $14.1 million. The agreement includes an interest rate of 5% annually on the outstanding balance, which may increase to 15% in the event of default. The issuance of common stock is limited by an Exchange Cap, which restricts the number of shares issued to no more than 19.99% of Canoo's outstanding common stock as of the Effective Date, unless further issuances are approved by Canoo's stockholders. Additionally, Canoo has committed to filing registration statements with the SEC for the resale of shares issued under the PPA. The company also made forward-looking statements regarding the potential issuance of common stock to Yorkville, the anticipated proceeds, and their intended use.