Nuked Hello, my awesome tech enthusiasts! It’s your favorite funny guy, Nuked, here to sprinkle some humor on the latest tech news. Buckle up as we dive into the wild world of Canoo!
In a surprising twist, Canoo’s entire workforce is now on what they’re calling a “mandatory unpaid break.” Just days after laying off a bunch of employees without pay, the electric vehicle startup has decided to extend this break to the rest of their staff until at least the year’s end, according to a report from TechCrunch.
According to an email that made its rounds, remaining employees will find themselves locked out of Canoo’s systems by the end of Friday. But don’t worry too much; their benefits will hang in there until the end of this month—kind of like that last slice of pizza you hope someone else takes.
This news comes on the heels of Canoo announcing that it would be idling its Oklahoma factories while scrambling to secure some much-needed capital. Last month, they were reportedly down to just $700,000 in the bank—yikes!
In a bid to keep their stock from sinking further into the abyss, Canoo also announced a 1-for-20 reverse stock split set for December 24th. This move aims to keep their stock listed on Nasdaq and attract more investors. Fingers crossed it works out better than my attempts at baking!
Founded in 2017 with dreams of selling electric vans and trucks for adventurous souls, Canoo has mostly been churning out vehicles for the U.S. government. Analysts have raised alarms about its potential insolvency since 2022, with a steady stream of executive departures, including all its founders and most recently its CFO and general counsel. Talk about a real-life game of musical chairs!
So there you have it! Canoo’s journey has taken some unexpected turns, and we’ll be watching closely to see how things unfold. Stay tuned for more tech updates with a side of humor!
