Canoo Inc., a Delaware corporation, has announced a Special Meeting of Stockholders to be held virtually on February 29, 2024. The meeting will address several key proposals, including a reverse stock split, the issuance of equity awards to CEO Tony Aquila, and the potential adjournment of the meeting if necessary. The reverse stock split proposal aims to reduce the number of outstanding shares by a ratio ranging from 1:2 to 1:30, with the exact ratio and timing to be determined by the board within one year of stockholder approval. The CEO equity awards proposal involves granting Tony Aquila performance-vesting restricted stock units (PSUs) and restricted stock units (RSUs) that could total over 118 million shares if performance and service conditions are met. The adjournment...Show More

Canoo Inc., a Delaware corporation, has announced a Special Meeting of Stockholders to be held virtually on February 29, 2024. The meeting will address several key proposals, including a reverse stock split, the issuance of equity awards to CEO Tony Aquila, and the potential adjournment of the meeting if necessary. The reverse stock split proposal aims to reduce the number of outstanding shares by a ratio ranging from 1:2 to 1:30, with the exact ratio and timing to be determined by the board within one year of stockholder approval. The CEO equity awards proposal involves granting Tony Aquila performance-vesting restricted stock units (PSUs) and restricted stock units (RSUs) that could total over 118 million shares if performance and service conditions are met. The adjournment proposal seeks authorization to delay the meeting to secure additional proxy votes if there are insufficient votes for the other proposals. The meeting's agenda also includes the cancellation of certain existing equity awards contingent upon the approval of the new CEO equity awards. The board recommends voting 'For' all proposals. The proposals are part of Canoo's efforts to comply with Nasdaq's minimum bid price requirements, attract investment capital, and align executive compensation with long-term performance and stockholder interests.