Canoo, the electric vehicle startup that once promised to employ thousands of Oklahomans, filed for bankruptcy on Friday.

Canoo said on Friday it would file for Chapter 7 bankruptcy and cease operations, effective immediately. The EV startup has been dealing with rapid cash burn and has struggled to raise additional funding amid uncertain demand for its microbus-inspired cargo vans.

Canoo announced yesterday it is ceasing operations “immediately” and that it has filed for Chapter 7 bankruptcy in Delaware. The EV startup estimates in its filing that its assets are worth $126 million and that it owes over $164 million to its creditors, TechCrunch noted yesterday.

Electric vehicle (EV) startup Canoo announced on Friday that it will file for Chapter 7 bankruptcy, ceasing operations effective immediately. The company, known for its innovative microbus-inspired cargo vans,

This means a lot to everyone in the company." Canoo said all operations will cease effective immediately. A court appointed trustee will manage liquidation of the company's assets.

Texas-based electric vehicle startup Canoo has gone bankrupt after seven years of trying to launch a bubble-shaped van and other