Justin, Texas-based electric vehicle startup Canoo announced Friday it had begun bankruptcy proceedings and ceased operations ...

Tony Aquila, chairman and CEO, expressed deep disappointment over the Canoo closure after failing to gather sufficient capital.

Canoo is the latest EV startup to go bankrupt after merging with a special purpose acquisition company (SPAC) as a shortcut to going public. Electric Last Mile Solutions was the first in June 2022 .