Canoo Inc. Announces $52.5 Million Registered Direct Offering

Canoo entered into definitive agreements with certain institutional investors for the purchase and sale of 50,000,000 shares of the Company’s common stock

Canoo Inc. (Nasdaq: GOEV) (the “Company” or “Canoo”), a high-tech advanced mobility company, has entered into definitive agreements with certain institutional investors for the purchase and sale of 50,000,000 shares of the Company’s common stock together with warrants to purchase up to 50,000,000 shares of common stock at a combined purchase price of $1.05 per share and accompanying warrant, pursuant to a registered direct offering. The warrants will have an exercise price of $1.30 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.

The closing of the offering is expected to occur on or about February 8, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $52.5 million. The Company intends to use the net proceeds from the offering for general working capital purposes.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The offering is being made pursuant to a “shelf” registration statement on Form S-3 (File No. 333-266666) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 17, 2022. A prospectus supplement describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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