GOEV - Why EV Maker Canoo's Shares Rose Today
2023-03-09 11:22:33 ET
Shares of start-up electric vehicle (EV) maker Canoo (NASDAQ: GOEV) spiked as much as 6.5% Thursday morning after news of a new vehicle order surfaced. As of 10:45 a.m. ET, the stock lost much of that gain but remained higher by 0.9%.
Investors have feared the company might have trouble getting its niche EV business up and running before it ran short on funding. Last month Canoo announced it was raising about $52.5 million by issuing new shares for institutional investors at what was then a discounted price of $1.05 per share. At that time the stock was trading at $1.25 per share, but it has since plunged to just $0.62 per share at yesterday's closing price.
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Why EV Maker Canoo's Shares Rose Today