Summary by Moomoo AI
Canoo Inc., an advanced mobility technology company, has announced a direct offering of $20,000,000 of its common stock to YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP. The offering is connected to a series of agreements, including the Pre-Paid Advance Agreement (PPA) and several supplemental agreements, which allow Canoo to request advances up to an aggregate of $300,000,000 from YA. On January 31, 2024, Canoo requested a Pre-Paid Advance of $20,000,000, known as the Seventh Supplemental Advance, which remains outstanding. The issuance price per share for the common stock will be the lower of $0.1805 or 95% of the lowest daily volume weighted average price preceding the purchase notice from YA, but not below the Floor Price as defined in the PPA. The offering is part of Canoo's broader strategy to innovate and rapidly bring new electric vehicles to market, with a commitment to manufacturing in the United States and creating jobs in Oklahoma and Arkansas.