Summary by Moomoo AI
Canoo Inc., an advanced mobility technology company, has announced a direct offering of $15,000,000 of its common stock to YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP. The offering is part of a Prepaid Advance Agreement (PPA) entered into on July 19, 2024, which allows Canoo to request advances up to $15,000,000, with a total limit of $100,000,000. The initial advance of $15,000,000 will be offset by issuing shares at $2.70 per share. The offering is detailed in a prospectus supplement filed pursuant to Rule 424(b)(5) under the Securities Act, and the common stock will be offered directly without the involvement of underwriters or agents. The proceeds are intended for working capital purposes, and the agreement includes an interest rate of 5%, increasing to 15% upon events of default as described in the PPA. The common stock and public warrants of Canoo are traded on Nasdaq under the symbols 'GOEV' and 'GOEVW,' respectively.