Canoo Inc. announced that it has entered into a common stock subscription agreement to issue 13,698,630 shares at a price of $3.65 per share for gross proceeds of $49,999,999.5 on May 10, 2022. The transaction will include participation from special purpose vehicles managed by Tony Aquila. The transaction is expected to close on May 18, 2022.

All securities issued in the transaction will be subject to a hold period of one year from the date of issuance.