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RADNOR, Pa., May 13, 2021 /PRNewswire/ The law firm of Kessler Topaz Meltzer & Check, LLP reminds shareholders of Canoo Inc. (NASDAQ: GOEV; GOEVW) ( Canoo ) f/k/a Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC; HCACW; HCACU) ( Hennessy Capital ) that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired Canoo securities
between August 18, 2020 and March 29, 2021, inclusive (the Class Period ).
Shareholder Deadline Reminder: Investors who purchased or acquired Canoo securities
during the Class Period may,
no later than June 1, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at[email protected];
/PRNewswire/ The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Canoo Inc. (NASDAQ: GOEV; GOEVW) ("Canoo") f/k/a Hennessy Capital.
Toll free (844) 887-9500
Canoo Holdings Ltd. ( Canoo Holdings ) was an electric vehicle company that touted a unique business model that defies traditional ownership to put customers first. On or about December 21, 2020, Canoo Holdings became a public entity via merger with Hennessy Capital, with the surviving entity named Canoo.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would deemphasize its engineering services business; (3) contrary to prior statements, Canoo did not have partnerships with original equipment manufacturers and no longer engaged in the previously announced partnership with Hyundai; and (4) as a result of the foregoing, the defendants positive statements about Canoo s business
LOKB, STWO, LSAQ Announce SPAC Deals
An unusually busy SPAC Friday with three deals and GAMC announcing full over-allotment exercised by underwriters. Will it be enough to change the narrative?
Author:
More on the deals here:
Could 3 Positively Received Deals Change the Narrative?
We ve been saying that it will take multiple positive events for the SPAC mood and overall narrative to change. Is it possible that a triple of deals on Friday will all be positively received and start to turn the narrative? GAMC announcing that their full over-allotment was exercised could also boost the narrative a bit.
That said, it will be a tough shift as yesterday the average pre-deal SPAC closed at $9.88, well off of NAV and almost 85% of SPACs with announced deals traded down.
SPACs Get Beat Up Again
SPACs are getting increasingly battered as IPOs are scarce, pre-deal SPACs fall consistently below NAV, and announced deals continue to weaken. EV SPACs got hammered as two deals closed.
Author:
Another rough day for SPACs as
the average price for a pre-deal SPAC is now down to $9.88. SPACs with announced deals fared even worse with
almost 85% trading down today.
This morning did see one M&A announcement (see below), but that brings the week s total to just two announced and neither impressed.
It s clear the pace will remain slow until peak deal - i.e. when the 420+ SPACs that are searching for targets and feeling the pressure - forces the hand of the SPACs. Those SPACs are trading at an