Wall Street is charging up as electric vehicle maker Canoo (NASDAQ:GOEV) starts trading today. After closing out the Canoo SPAC merger, what do you need to know about GOEV stock?
To start, investors should remember that Canoo has been trading through a blank-check company. Up until today, GOEV stock was HCAC stock, part of Hennessy Capital. However, after shareholders voted to approve the Canoo SPAC merger, the red-hot company got its own wings and started independently trading.
With that in mind, here are 14 things to know about GOEV stock and the Canoo SPAC merger:
- Hennessy Capital first came public in February 2019.
- At the time, the blank-check company raised $261 million through its IPO.
- Then, HCAC stock made waves by announcing the Canoo SPAC merger in August 2020.
- Since then, HCAC stock and now GOEV stock have generated quite a buzz.
- This is because Canoo promises to disrupt the way we think about and purchase electric vehicles.
- Importantly, the company relies on a modular skateboard platform for its vehicle development. Company executives have likened its passenger vehicle to a spaceship on wheels.
- Additionally, Canoo believes in selling vehicle subscriptions instead of full ownership.
- According to the company, this is a way to lower cost of ownership and boost EV adoption.
- Shareholders voted to approve the Canoo SPAC merger earlier this week.
- Ahead of the shareholder vote, Canoo made waves by announcing a new vehicle.
- The so-called multi-purpose delivery van or MPDV will transform the focus of Canoo.
- Investors should note that now, Canoo is looking at last-mile delivery and fleet purposes.
- This marks a shift a way from the passenger vehicle focus, although the company will still work on manufacturing its flagship EV.
- Investors should also note that Canoo is shaking up its board of directors.
GOEV Stock and the Canoo SPAC Merger
So what else do investors need to know about GOEV stock after the Canoo SPAC merger? Importantly, this company is one that has a lot of excitement behind it. Although shares are down on Tuesday, experts have been rallying behind the innovative name. This is because through its unique vehicles and business model, many believe it is capable of disrupting the automaker space. Now, with its MPDV vehicles and its flagship model, Canoo must just prove itself.
Investors should also note that one of those GOEV stock bulls is InvestorPlace analyst Louis Navellier. As Navellier wrote recently, there is no denying that the market is filled with EV stocks. Because of this, he recommends that new entrants to the sector look for something different. Where better than Canoo and its spaceship on wheels?
As Canoo figures itself out and works on moves into the last-mile delivery space, keep GOEV stock on your radar.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.