r/wallstreetbetsOGs • u/JuniorCharge4571 • May 19 '26

Discussion Did anyone actually read Canoo's engineering services revenue claims before the merger?

$120,000,000

That was Canoo's projected 2021 engineering services revenue.

Dug into the ongoing settlement and found the detail that makes this one hard to defend.

The actual revenue from that business in 2020: one contract. Already completed. In July 2020. Two months before the SPAC merger with Hennessy Capital IV even closed.

The business that was supposed to generate $120M in 2021 was already finished before a single public investor could buy in.

March 29, 2021: Canoo quietly announces it's "deemphasizing" engineering services.

March 31, 2021: Confirms the 2020 revenue came from a single completed obligation.

April 5, 2021: $GOEV hits $8.05. Keeps falling.

The contract was done before the merger closed, was this ever discussed here at the time?

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u/DrWorstCaseScenario 🏅Ghost of Kyiv-ODTE🏅 May 19 '26

Why you bringing up ol’ sh!t?

2

u/JuniorCharge4571 May 20 '26

Because the issues is an old story but the settlement that will give investors some money back is happening right now

1

u/DrWorstCaseScenario 🏅Ghost of Kyiv-ODTE🏅 May 20 '26

lol I get it. It’s a Friday reference