ARKANSAS, USA — Electric vehicle startup Canoo Inc. (Nasdaq: GOEV), which has plans to move its headquarters to Bentonville, has agreed to pay a $1.5 million civil penalty over misleading revenue projections for the past two years.
The U.S. Securities & Exchange Commission also temporarily banned former CEO Ulrich Kranz and former CFO Paul Balciunas from holding board positions at a publicly traded companies.
Regulators said the company's revenue projections of $120 million in 2021 and $250 million in 2022 were "materially inaccurate." Kranz and Balciunas allegedly based those numbers on projects that were no longer active or feasible, such as the company's provision of engineering services to other companies.
To read more on Canoo, our content partner Arkansas Business has the full article here.
Watch 5NEWS on YouTube.
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ app: How to watch the 5+ app on your streaming device
To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com and detail which story you're referring to.