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Canoo said on Friday night that it has <\/a> and \u201cwill cease operations effective immediately,\u201d after failing to secure enough funding to keep it going. The writing was on the wall for the EV startup leading up to the announcement; the company has lost multiple executives in recent months, <\/a> and reported to the SEC in November that it had just $700,000 in the bank, per <\/em><\/a>.<\/p>\n In a press release announcing the filing, Canoo said it was unable to get funding from the Department of Energy\u2019s Loan Program Office or from \u201cforeign sources of capital\u201d that executives had been in talks with. \u201cIn light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency,\u201d it said. Canoo owes a total of over $164 million to hundreds creditors, and has about $126 million in assets, according to TechCrunch<\/em>. Under the filing in Delaware, Canoo\u2019s assets will be liquidated and the proceeds will be distributed to its creditors. In a statement, CEO Tony Aquila said, \u201cWe are truly disappointed that things turned out as they did.\u201d<\/p>\n Canoo made a few electric vans for NASA<\/a> and a prototype for the US Army<\/a>, and had deals for larger fleets with the likes of USPS and Walmart, but only a small number of its vans appear to have ever materialized.<\/p>\n<\/div>\n