Canoo 's (NASDAQ: GOEV) stock soared 53% on July 12 after the electric delivery vehicle maker announced a new deal with Walmart (NYSE: WMT) .
Walmart agreed to buy 4,500 of Canoo's Lifestyle Delivery Vehicles (LDVs), which are scheduled to arrive next year, with an option to purchase a total of 10,000 vehicles. Walmart was also granted a warrant that gives it an option to buy 61.16 million shares of Canoo, or more than a fifth of the company's outstanding shares, at an exercise price of $2.15 per share.
As part of this deal, Canoo has promised Walmart that it won't supply any vehicles to Amazon . Canoo is also legally obligated to notify Walmart in writing of any other acquisition offers within 72 hours.
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Is Canoo Stock a Buy Now?