The Securities and Exchange Commission has opened an investigation into newly public electric vehicle startup Canoo, CEO Tony Aquila shared on a conference call on Monday.
“We recently received a notice from the SEC that they are conducting an investigation,” Aquila said, who added that the agency “characterized the process as a fact-finding inquiry.” Aquila did not share any more information about what the probe involves.
Canoo is one of a number of electric vehicle startups that went public by merging with a special purpose acquisition company (or SPAC) over the last year. These mergers provided a different path to these startups compared to a traditional IPO. But since these mergers are regulated differently, it’s given startups more…