In a move to restructure its capital, Canoo Inc. (NASDAQ: NASDAQ:GOEV) has announced a 1-for-23 reverse stock split effective today. The adjustment was made official with the filing of a Certificate of Amendment to the company's Second Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on Thursday.
The reverse stock split, which consolidates every 23 shares of Canoo's common stock into a single share, also applies to shares held as treasury shares. Prior to the split, Canoo reported having 1,309,580,844 shares of common stock issued and outstanding. Shareholders will be compensated with cash in lieu of fractional shares resulting from the consolidation.
Starting today, Canoo's common stock will trade on a split-adjusted basis on The Nasdaq Capital Market under the existing ticker symbol "GOEV" but with a new CUSIP number, 13803R201. Publicly traded warrants under the symbol "GOEVW" will also see an adjustment; 23 warrants will now be needed to purchase one share of common stock at an exercise price of $264.50 per share.
The reverse stock split is also set to proportionately adjust the number of shares available for issuance under Canoo's equity incentive plans, as well as the exercise prices of outstanding options and equity awards.
This action is designed to impact all shareholders uniformly and will not materially alter any individual's percentage ownership in the company, barring minor changes due to the elimination of fractional shares. Those holding shares in street name through brokerage accounts will see their holdings automatically adjusted to reflect the new share count.
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