(RTTNews) - Electric vehicle startup Canoo Inc. (GOEV) announced that it filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code. The filing, made with the U.S. Bankruptcy Court for Delaware, will result in the federal appointment of a Bankruptcy Trustee to oversee the liquidation of the company's assets and the distribution of proceeds to creditors.

Canoo said it has unfortunately been unable to obtain financial support from the U.S. Department of Energy's Loan Program Office. Recently, the company's executives engaged in discussions with foreign sources of capital. However, these efforts were unsuccessful, leading the Board to make the difficult decision to file for insolvency.