Canoo (GOEV) shares fell after its $52 million public offering.

Canoo’s Lifestyle Vehicle electric minivan.

Source: Canoe

Market Share of Electric Vehicle Startups canoe The stock fell sharply in early trading Monday after the company announced it had agreed to sell discounted shares to raise $52.5 million.

Canoo shares closed at $1.09 on Monday, down more than 12%. The stock has lost more than 80% of its value over the past 12 months.

the canoe said statement The company said it has entered into agreements with institutional investors to sell 50 million new shares and warrants that give investors the option to purchase up to 50 million shares. The investor pays him $1.05 per share and each share has one warrant that he can exercise at $1.30 per share.

Canoo did not disclose the names of the institutional investors involved in the deal.

Canoo’s stock closed at $1.25 on Friday, giving the trading price a significant discount. For current shareholders, the transaction also represents a significant dilution of their holdings, adding 50 million to 100 million of his shares to his current 356 million shares outstanding. will be

canoe he said In November when it was running low on cash The company expects to raise funds through the issuance of new shares. We had just $6.8 million on hand at the end of the third quarter.

Canoo said on Monday it will use net proceeds from the offering for “general working capital purposes.” The company plans to report fourth quarter results later this month.

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It is a 5-day chart of Canoo stock. Canoo (GOEV) shares fell after its $52 million public offering.

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