Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to creditors.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

Struggling electric vehicle startup Canoo has filed for bankruptcy and ceased all operations.

EV startups are dying left and right, with Canoo the latest to file for bankruptcy after struggling to stay afloat in harsh economic conditions

In late December, when TechCrunch reported that EV startup Canoo had just $700K in the bank and was putting its staff on a “mandatory unpaid break,” it felt like there’s never been clearer writing on any wall in history.

Canoo Inc. has filed for voluntary relief under Chapter 7 of the U.S. Bankruptcy Code. This petition was submitted to the U.S. Bankruptcy Court for Delaware, which will appoint a Bankruptcy Trustee to oversee the liquidation of the company's assets and the distribution of funds to creditors.

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.