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Electric vehicle startup Canoo has lost its chief financial officer and chief counsel, the latest in a series of executive departures as the company continues to struggle to find mass adoption of its electric work trucks.
Chief Financial Officer Greg Etheridge and General Counsel Hector Ruiz resigned from Canoo on Oct. 31, the company announced Tuesday in a regulatory decision. Deposit. Etheridge and Ruiz did not respond to requests for comment.
Canoo also announced that it has furloughed 30 workers in Oklahoma for 12 weeks “as part of a broader reorganization of its North American operations.”
Etheridge was replaced by former investment banker Kunal Bhalla, who was chief of staff to CEO Tony Aquila. Bhalla will receive a base salary of $300,000. Ruiz will be replaced by Assistant General Counsel Shawn Yan.
The departures come just a few weeks after Canoo closed its original headquarters in Los Angeles, California in order to prioritize its operations in Texas and Oklahoma. Another co-founder left the company around the same time, as did Canoo’s CTO.
Canoo has been struggling financially recently. Company I mentioned Approximately $19 million in total cash as of June 30, 2024, of which $4.5 million is unrestricted. In October, Kanu revealed In an organizational file A fund linked to Aquila loaned the startup about $1.2 million at an interest rate of 11%. The company announced Tuesday in the same regulatory filing that it had borrowed another $2.7 million from the Aquila Fund. Canoo has also entered into a revolving credit facility with the Aquila Fund.
Canoo is also facing multiple lawsuits from suppliers who claim unpaid invoices, as TechCrunch previously reported. Another supplier, Kistler Instrument Corporation, has since filed a lawsuit against Canoo as well in Los Angeles Superior Court seeking $56,000 in damages.
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