All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’
Image: Canoo Days after furloughing dozens of its employees without pay, EV startup Canoo told the remainder of its staff they will be on a “mandatory unpaid break” through at least the end of the year, TechCrunch reported Friday . A company email seen by the outlet said employees would be locked out of Canoo’s systems by the end of Friday, with their benefits continuing through the end of this month. The report follows Canoo’s announcement last week that it was idling its Oklahoma factories and furloughing employees while it worked “to finalize securing the capital necessary to move forward with its operations.” As TechCrunch notes, the company reported that it had only about $700,000 left in the bank last month. Also on Friday, the company announced a 1-for-20 reverse stock split, effective December 24th. Canoo says the consolidation aims to keep its stock listed on the Nasdaq exchange and attract “a broader group of institutional and retail investors.” Canoo was fou...
