Cano mentioned Friday evening that it had “ceased operations efficient instantly” after failing to safe adequate funding to proceed. The writing was on the wall for the EV startup main as much as the announcement. The corporate has misplaced a number of executives in current months, and reported to the SEC in November that it had simply $700,000 within the financial institution. .
In a press launch asserting the submitting, Cano mentioned it had been unable to safe funding from the Vitality Division’s mortgage program workplace or “international sources of capital” that executives had been negotiating with. “In mild of the truth that these efforts have failed, the board has made the troublesome resolution to file for chapter,” it mentioned. Kino owes lots of of collectors a complete of greater than $164 million, and has about $126 million in belongings. Tech Crunch. In accordance with the submitting in Delaware, Cano’s belongings shall be liquidated and the proceeds shall be distributed amongst its collectors. In a press release, CEO Tony Aquila mentioned, “We’re actually dissatisfied that issues turned out the best way they did.”
Kino has constructed a couple of electrical vans for NASA and a prototype for the US Military, and has made massive fleet offers with the likes of the USPS and Walmart, but it surely seems solely a small variety of its vans at the moment are in use. It has been carried out.
