Canoo's recently reported financial struggles are evident as the company has just $19 million in cash, with only $4.5 million being unrestricted, raising concerns for its survival.
The resignation of CFO Greg Ethridge and general counsel Hector Ruiz marks significant leadership changes as Canoo grapples with multiple executive departures amidst ongoing financial turmoil.
Canoo's decision to furlough 30 workers for 12 weeks indicates a broader effort to realign its operations, following a pattern of restructuring that includes closing its Los Angeles headquarters.
With multiple lawsuits from suppliers alleging unpaid bills, including one for $56,000 from Kistler Instrument Corporation, Canoo's financial difficulties continue to mount as it seeks stability.
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