Judge Approves Canoo CEO’s $4M Asset Purchase
A bankruptcy judge has greenlit Canoo CEO Anthony Aquila’s bid to acquire most assets of the failed electric vehicle startup for approximately $4 million in cash. The ruling came after a Wednesday hearing where Judge Brendan Shannon dismissed limited objections, affirming the sale process as fair and transparent.
Key Details of the Deal
- Exclusive Bidder: Aquila was the sole party to submit an offer for Canoo’s assets.
- Target Clientele: Aquila’s entity plans to service existing customers like NASA and the U.S. Department of Defense, which previously purchased Canoo vehicles.
- Industry Context: Canoo joins other bankrupt EV startups, including Fisker, Lordstown Motors, and Nikola, whose founders have similarly attempted asset buybacks.
Competing Interest and Legal Disputes
Despite Aquila’s sole bid, eight other parties—including electric truck startup Harbinger—signed NDAs to evaluate the assets. Harbinger, founded by ex-Canoo employees, had accused the company of concealing assets during the sale. However, Aquila’s legal team dismissed these claims as “without merit.”
Ongoing Legal Battle
- Trade Secrets Lawsuit: Canoo’s 2022 lawsuit against Harbinger alleges misappropriation of intellectual property, with potential financial implications for the bankruptcy estate.
- Valuation Concerns: Harbinger argued the unresolved lawsuit obscured asset valuations, but the judge upheld the trustee’s appraisal process.
Judge’s Rationale
Judge Shannon emphasized that:
- The trustee conducted weeks of negotiations with Aquila.
- All conflicts of interest were properly disclosed.
- Outstanding creditor claims are nearing resolution.
This decision marks a pivotal step in Canoo’s bankruptcy proceedings, with Aquila poised to revive key operations under new ownership.
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