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EV startup Canoo has lost its main financial officer and its heading lawyer , the a la mode in a strand of executive departure as the company continues to contend to rule aggregate adoption of its electrical piece of work caravan .
CFO Greg Ethridge and general counselling Hector Ruiz both resigned from Canoo on October 31 , the company announced Tuesday in a regulatoryfiling . Ethridge and Ruiz did not answer to requests for comment .
Canoo also announced it has furloughed 30 workers in Oklahoma for 12 week “ as part of a broader realignment of its North American operations . ”
Ethridge has been replaced by former investment banker Kunal Bhalla , who has been chief of staff to CEO Tony Aquila . Bhalla will make a base salary of $ 300,000 . Associate oecumenical counselor Sean Yan will substitute Ruiz .
The departures come just a few week after Canoo close its original headquarters in Los Angeles , California for prioritize its operations in Texas and Oklahoma . Thelast rest co - laminitis left the companyaround the same sentence , as did Canoo’schief technology officeholder .
Canoo has been struggling financially as of late . The companyreportedaround $ 19 million in total cash as of June 30 , 2024 , $ 4.5 million of which was unexclusive . In October , Canoo revealedin a regulatory filingthat a investment company connected to Aquila loaned the startup around $ 1.2 million at an 11 % stake rate . On Tuesday , the company announced in the same regulatory filing that it has borrowed another $ 2.7 million from Aquila ’s fund . Canoo has also put down into a revolving credit facility with Aquila ’s fund .
Canoo is also face multiple lawsuits from suppliers alleging unpaid bills , as TechCrunchpreviously report . Another supplier , Kistler Instrument Corporation , has since file a lawsuit against Canoo as well in Los Angeles Superior Court seeking $ 56,000 in damages .
