GOEV Stock Price Increased 13.64%: Why It Happened

By Amit Chowdhry ● January 14, 2021
  • The stock price of Canoo Inc (NASDAQ: GOEV) increased by 13.64%. This is why it happened.

The stock price of Canoo Inc (NASDAQ: GOEV) increased by 13.64% as it went from a previous close of $16.72 to $19 on January 13. One of the main triggers for why the stock price increase has to do with a report by The Verge that it had talks with Apple about electric vehicles in the first half of last year. According to The Verge’s sources, the two companies had discussed various options such as investments or an acquisition.

Apple was especially interested in Canoo’s scalable “skateboard” electric vehicle platform. And Canoo’s platform is distinguished from its rival since it integrates more of the electronics in the vehicles. Plus it also features steer-by-wire technology for greater flexibility. It is believed that Canoo was more interested in funding from Apple rather than an acquisition. However, the talks fell through and Canoo went public instead.

In related Canoo news, the company has also just announced its board of directors including Executive Chairman Tony Aquila, Debra L. von Storch, Josette Sheeran, Thomas Dattilo, Rainer Schmueckle, Foster Chiang, and Greg Ethridge after recently becoming a publicly-traded company.

Tony Aquila, Executive Chairman, Canoo

Aquila is an experienced founder, investor, and successful operator of private and public companies. Aquila is the founder of Solera Holdings and led the company as Founder, Chairman, and CEO to a $1 billion initial public offering as well as sourcing and executing over 50 acquisitions which significantly expanded Solera’s total addressable market. Under his leadership, he also oversaw Solera’s $6.5 billion transaction from a public-to-private business. Plus Aquila is the founder of AFV Partners, a global technology holding company investing in mission-critical software and data businesses, and serves as the company’s Chairman and CEO. Aquila is an inventor with over 100 patents and a dealmaker with more than 70 transactions with a cumulative value of over $15 billion. Aquila officially joined Canoo’s Board of Directors as the Executive Chairman when the company became public on December 21, 2020.

Debra L. von Storch, Former Partner at Ernst & Young LLP

With nearly four decades of work experience, von Storch is a former Partner at Ernst & Young LLP (EY). She also served as Director of the EY Entrepreneur of the Year Program. At EY, von Storch specialized in advising early-stage to rapid growth companies. Currently, von Storch serves as a director of CSW Industrials, an industrial products and specialty chemicals company, and is a member of the audit committee in addition to serving on the boards of several other prominent financial and charitable organizations in the Dallas Metropolitan area and across the U.S. At Canoo, she is going to serve on the Board of Directors as Chairperson of the Compensation Committee as well as a member of the Audit Committee. The appointment of von Storch to the board became effective on January 12, 2021.

Josette Sheeran, Former U.S. Under Secretary for Economic, Energy and Agricultural Affairs

Sheeran is an international leader, decorated diplomat, and humanitarian who served as the former Vice Chair of the World Economic Forum; Executive Director of the United Nations World Food Program; United States Under Secretary for Economic, Energy and Agricultural Affairs under President George W. Bush; and Deputy U.S. Trade Representative and Ambassador covering Asia, Africa, labor, environment, intellectual property, and trade capacity building. And most recently, Sheeran served as the President and CEO of the Asia Society. Sheeran joined the Canoo Board of Directors on December 21, 2020, and will serve as a member of the Nominating & Corporate Governance Committee and the Compensation Committee.

Thomas Dattilo, Former Chairman, Harris Corporation

Dattilo is an experienced executive with extensive knowledge of complex operational, financial and governance issues faced by large global public companies within the automotive and technology industries. And he previously served as Chairman for Harris Corporation. He also served as Chairman, President and Chief Executive Officer at Cooper Tire & Rubber Company. Plus Dattilo worked as Chairman and Senior Advisor at Portfolio Group. In addition, Dattilo was a Director at Solera Holdings and served on the Compensation Committee. Dattilo joined the Canoo Board of Directors on December 21, 2020 and will serve as Chairperson of the Nominating & Corporate Governance Committee as well as a member of the Audit Committee and the Compensation Committee.

Rainer Schmueckle, Former Supervisory Board Member of MAN Truck & Bus

Schmueckle is a seasoned automotive executive with over 30 years of industry experience. And most notably, he was a member of the supervisory board of MAN Truck & Bus SE, a provider of commercial vehicles and transport solutions around the world; Chief Operating Officer of the Mercedes Car Group at Daimler AG; Chief Executive Officer of Freightliner; and Chief Operating Officer of Automotive Seating at Johnson Controls International. Schmueckle had joined the Canoo Board of Directors on December 21, 2020 and will serve as Chairperson of the Audit Committee as well as a member of the Nominating & Corporate Governance Committee.

Foster Chiang, Director, Integrity Capital Management

Chiang brings financial executive experience to Canoo as the Director of Integrity Capital Management Limited and former Vice Chairman of TPK Holding Co. Ltd. And Chiang spent seven years at TPK in various executive roles including Board Member and Division Chief. Chiang officially joined Canoo’s Board of Directors on December 21, 2020.

Greg Ethridge, Former President, COO and Director, Hennessy Capital Acquisition Corp. IV

Ethridge is an experienced leader in private equity and special purpose acquisition companies (SPACs) and currently serves as Chairman of Motorsports Aftermarket Group. Previously, he served as President, Chief Operating Officer and Director of Hennessy Capital Acquisition Corp. IV prior to its merger with Canoo. And Ethridge also served as Senior Partner at MatlinPatterson Global Advisers LLC, an institutional private equity firm, and at Jefferies and Company where he executed corporate restructurings and leveraged finance transactions. Ethridge had previously sat on the board of directors for Hennessy Capital Acquisition Corp. IV, and he joined the Canoo Board of Directors on December 21, 2020.

KEY QUOTES:

“As we transformed Canoo into a public company, it was critical that we built a diverse and globally experienced board of directors to help us fulfill our mission of bringing EVs to everyone. Each recently appointed director was selected because they bring a wealth of knowledge and experience with public companies and will help Canoo capitalize on the major opportunities we see in the electric vehicle market today.”

— Tony Aquila, Executive Chairman, Canoo; Significant Public Company Leadership with a Strong Track Record of Value Creation for Shareholders

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.