Electric-vehicle maker Canoo said Monday it has acquired manufacturing equipment from Arrival Automotive UK Limited.
The deal covers "a substantial portion" of "advanced manufacturing assets" at a discount of 80% or more, according to a news release. The exact cost of the gear was not released. The equipment will be shipped to Canoo's manufacturing operations in Oklahoma. Emailed questions concerning the timing of the delivery were not returned Monday.
"Our current strategy will save our shareholders tens of millions of dollars, which today is not properly reflected in the value of our company," Tony Aquila, Canoo's chief executive officer and executive chairman, said in a statement. "We remain focused on capital discipline and the smartest way to invest and create value."
In January, Canoo said it had acquired "substantially all of the new and like-new assets" owned by Arrival Automotive USA Inc. which the company said has been delivered to Canoo's Oklahoma operation.
Aquila has said the company has an order book valued at more than $3 billion with customers that include Walmart.
The company recently performed a 1-for-23 reverse stock split in an move to stop its stock from being delisted. The shares closed Monday at $4.20, down 8 cents, or nearly 2%.