Canoo (NASDAQ: GOEV) achieved its first hiring milestone and secured non-dilutive incentives from Oklahoma, causing its stock to surge over 8% on Tuesday.
Canoo (GOEV) has clinched its maiden funding from the State of Oklahoma following the successful attainment of an employment milestone. This milestone stems from previously announced agreements regarding workforce and economic development incentives bestowed by the state of Oklahoma. Oklahoma now hosts over 20% of Canoo’s entire workforce.
Canoo reached this milestone through a pact with the Oklahoma Department of Commerce. This allows them to unlock performance-based payments from the Quick Action Closing Fund, alongside invaluable workforce training support.
Canoo has received confirmation from the Department of Commerce, affirming its eligibility for specific state tax credits and tax exemption programs.
Canoo remains steadfast in its recruitment efforts for both its Oklahoma City and Pryor, OK sites. These endeavors are expected to yield over 1,400 jobs, boasting wages surpassing state and local averages, as corroborated by Department of Commerce data.
In its pursuit of a skilled workforce, Canoo is actively collaborating with the Cherokee Nation, the State of Oklahoma, local career technology schools, and staffing agencies to cultivate and train a proficient advanced manufacturing workforce.
Tony Aquila, Investor, Executive Chairman and CEO, says,
“We selected the state of Oklahoma as our manufacturing home due to the state’s strong support and hardworking employees. The company is very proud to reach this first hiring milestone and excited to bring high paying advanced manufacturing jobs to the area. We will continue to support this movement in the state.”
Canoo (NASDAQ: GOEV) Stock Price Action
GOEV stock spiked 8.28% to close at $0.11 on Tuesday. The traders had exchanged hands with 117,082,282 (117.08 million) shares compared to the average daily trading volume of 56.58 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
