Canoo gets closer to Walmart with warrant deal, agreement not to sell to Amazon

Following the 53.16 percent drop on Tuesday due to rumors of a car order from Walmart, Canoo (NASDAQ:GOEV) soared even higher on Wednesday.

Walmart (WMT) received a warrant from Canoo (GOEV) to buy up to 61,160,011 more shares at a $2.15 per share exercise price.

More than 20% of the total number of outstanding shares are represented by those shares.

As part of the agreement with Walmart, Canoo (GOEV) also promised not to provide any vehicles to Amazon (WMT).

The manufacturer of electric vehicles must also send written notice of any acquisition proposals to Walmart (WMT) within 72 hours.

In the premarket, GOEV shares are up 1.65% to $3.69, exceeding the 52-week trading range of $1.75 to $13.35.

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