Summary by Moomoo AI
Canoo has entered into a $12 million Revolving Credit Facility Agreement with AFV Management Advisors, LLC, an entity affiliated with CEO Tony Aquila. The facility, secured by equipment at the Oklahoma City facility, bears interest at SOFR plus 6.00% with 120-day repayment terms. The company has already borrowed $3.85 million to repay an existing note.The company announced significant leadership changes, appointing Kunal Bhalla as CFO with a $300,000 annual salary, replacing Greg Ethridge who resigned. Sean Yan was named General Counsel and Secretary, while Ramesh Murthy added Chief Administrative Officer to his existing roles.In a strategic workforce realignment, Canoo has temporarily furloughed 23% of its Oklahoma City factory workers for twelve weeks. The company is redistributing skilled employees across its Oklahoma City and Texas facilities as part of its supply chain harmonization plan, while providing support resources to the 30 affected workers.
