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Canoo agrees to sell $52.5 million in discounted stock

As part of the deal, Canoo is issuing 50 million new shares and giving those investors the option to purchase 50 million more.

BENTONVILLE, Ark. — Electric vehicle startup Canoo Inc., which plans to move its headquarters to Bentonville, announced an agreement Monday to sell $52.5 million worth of discounted stock to raise money.

Canoo, which has been burning through cash, said the funds will be used for "general working capital purposes."

The sale price of $1.05 per share was 20 cents lower than the closing price Friday. Shares have since fallen below the discounted price.

To read more about Canoo's recent stock sales, please visit our content partners at Arkansas Business here

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