Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to creditors.

Canoo Inc. has filed for voluntary relief under Chapter 7 of the U.S. Bankruptcy Code. This petition was submitted to the U.S. Bankruptcy Court for Delaware, which will appoint a Bankruptcy Trustee to oversee the liquidation of the company's assets and the distribution of funds to creditors.

Canoo Inc. has filed for Chapter 7 bankruptcy, marking the end of its operations.The filing was made with the U.S. Bankruptcy Court for Delaware, leading to th

Regardless, the chapter 7 filing seems to be the end of the road for Canoo. “We would like to thank the company’s employees for their dedication and hard work,” said Tony Aquila, Canoo CEO and one of the company’s largest investors (according to the press release).