Canoo filed its Registration Statement on a Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) on September 18, 2020. Subsequently, the Registration Statement was amended on October 23, 2020 and November 27, 2020. On December 4, 2020 Canoo also filed its Prospectus on a Form 424b3 with the SEC. Stockholders voted at a special meeting to approve the Merger on December 21, 2020. After the market closed on March 29, 2021, Canoo held a conference call in relation to its fourth quarter 2020 financial results which were released the same day. During the call, defendant Tony Aquila, a director of Canoo since the closing of the Merger, revealed that Canoo would no longer be focusing on its engineering services line. Canoo also announced on the same day that effective April 2, 2021, Paul Balciunas, who served as the Chief Financial Officer of Canoo following the close of the Merger, had resigned. On March 30, 2021, Canoo’s stock price fell $2.50, or 21.19%, on this news to close at $9.30 per share.
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