Canoo Secures Credit, Restructures Leadership, and Furloughs Staff

The latest update is out from Canoo ( (GOEV) ).

Canoo Inc. recently secured a $12 million revolving credit facility with AFV Management Advisors to provide working capital, a move that involved repaying an earlier promissory note. Alongside this financial restructuring, Canoo appointed Kunal Bhalla as the new CFO, following the resignations of key executives. Additionally, the company announced a 23% temporary furlough of its Oklahoma City factory workers as part of a strategic realignment to optimize its North American operations and prepare for future growth.

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