10:37 AM EST, 02/06/2023 (MT Newswires) -- Canoo (GOEV) said Monday it has entered into definitive agreements to sell 50 million shares, along with warrants to buy up to 50 million shares, at $1.05 per share and accompanying warrant to some institutional investors.
The warrants will have an exercise price of $1.30 per share, initially exercisable starting six months following the date of issuance and expiring five years from the initial exercise date. It expects to close the offering around Wednesday.
The company expects to raise about $52.5 million for general working capital purposes. A.G.P./Alliance Global Partners is the placement agent.
Shares of Canoo dropped more than 13% in recent trading.
Price: 1.08, Change: -0.17, Percent Change: -13.83