Not long after moving its headquarters from California to Texas, EV startup Canoo is sinking.  The 7-year-old company making pod-shaped electric vehicles announced late last week that it filed for bankruptcy and ceased operations.

The boat has sunk for Justin, Texas-based EV startup Canoo. Canoo, the maker of roly poly-looking electric vans and trucks, announced Friday it had begun bankruptcy proceedings and ceased operations,

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday.

Electric vehicle manufacturer Canoo announced it was filing for bankruptcy Friday. The Oklahoma government was not just a customer but also a de facto investor in Canoo, offering more than $100 million in incentives to bring facilities to the state.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a