Canoo ( NASDAQ: GOEV ) is seeing volatile trading after some M&A rumors are circulated around trading desks. Shares rose more than 3% after the open before falling all the way back to negative territory without any substance to the chatter.
More than 3.7M shares of GOEV have been swapped in less than 90 minutes of trading on Thursday.
In the background: Arkansas-based Canoo ( GOEV ) recently made an announcement that it has been chosen by the U.S. Army to provide its electric vehicles for testing and demonstration. The U.S. Army is reportedly looking into ways to use technology in military operations, troop transport, and other areas. The electric vehicle maker also signed a key deal with Walmart ( WMT ) to deliver 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle. The deal includes an option for WMT to purchase up to 10K units total. Walmart ( WMT ) also owns warrants that give it the option to buy up to 61M shares of GOEV at $2.15 per share.
The Seeking Alpha Quant Rating on GOEV is flashing Sell.
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Canoo swings up and down amid M&A chatter