Canoo up and down in the middle of M&A negotiations

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Canoo (NASDAQ:GOEV) is seeing volatile trading after a number of M&A rumors circulated around the trading desks. Shares rallied more than 3% after the open before plunging completely back into the negative territory without any frenzy.

More than 3.7 million GOEV shares were swapped in less than 90 minutes of trading on Thursday.

In the background: Canoo is based in Arkansas (GOEV) recently made an announcement that it had been selected by the US Army to supply their electric vehicles for testing and demonstration. The US military is reportedly looking to use the technology in military operations, troop transport and other fields. The electric vehicle maker also signed an important deal with Walmart (WMT) to deliver 4,500 all-electric delivery vehicles, starting with Lifestyle Delivery Vehicles. The deal includes an option for WMT to buy a total of 10k units. Walmart (WMT) also owns warrants that give it the maximum purchase option 61 million GOEV shares at $2.15/share.

The Looking for Alpha Quant Rating on GOEV flashing Sell.

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