Canoo Holdings Ltd., a Los Angeles-based electric vehicle (EV) maker, said Tuesday it has completed its reverse merger with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp., so its stock will now begin trading on the Nasdaq under the ticker symbol “GOEV.” The stock is surging 12.9% in premarket trading. “This next chapter is a very important one for Canoo as we prepare to complete advanced testing of our innovative electric mobility platform and to bring our recently unveiled multi-purpose delivery vehicle to limited production in 2022, and to commercial production and rollout in 2023,” said Canoo Executive Chairman Tony Aquila. The new EV stock’s rally comes on a mixed day for other U.S.-based EV makers ahead of Tuesday’s open, with shares of market leader Tesla Inc.
up 0.3%, Nikola Copr.
down 0.9% and Workhorse Group Inc.
up 2.0%. Meanwhile, futures
for the S&P 500
are up 0.2%.