Canoo Inc. doesn't comply with $1 rule
Canoo Inc., an electric-vehicle maker with plans to move its headquarters to Bentonville, has received notice from the Securities and Exchange Commission that the company no longer complies with Nasdaq's $1 minimum bid requirements to be listed in the index.
The company has 180 days, or until Sept. 25, to regain compliance, according to an SEC filing. To regain compliance, Canoo must end trading by meeting or exceeding $1 per share for 10 consecutive days prior to the deadline. If it fails to comply, Canoo may be eligible for an additional grace period, according to the filing.
On Thursday, Canoo reported the company posted a loss of $487.69 million for fiscal 2022, or $1.81 a share, compared with a loss of $346.77 million, or $1.52 per share, for the company's fiscal 2021.
Shares of Canoo Inc. began trading at less than $1 in February, shortly after the company said it made a deal to sell shares to institutional investors at a discount to generate much-needed cash. The move will result in about $52.5 million going to company coffers for general working capital.
Canoo stock closed at 65 cents, up 2 cents, or nearly 5%, in trading Friday on the Nasdaq. Shares have traded as low as 54 cents and as high as $6.25 over the past year.
-- John Magsam
Paschal expands in Dallas-Fort Worth
Springdale-based Paschal Air Plumbing and Electric is expanding its Dallas-Fort Worth area operations through an acquisition, the company said Friday.
Paschal has acquired Straight Shooter Heating and Air. The move will add to the company's regional employee base and expand its service area. Terms of the deal were not disclosed.
"Straight Shooter has a solid reputation and an outstanding team of professionals who share our commitment to delivering world class service for our clients," Charley Boyce, CEO of Paschal, said in a statement. "We believe that this acquisition will enable us to better serve our customers and strengthen our position as a leader in the region."
Paschal was founded in 1968. It now operates in Arkansas, southwest Missouri and the Dallas-Fort Worth area, with more than 330 employees.
-- John Magsam
Arkansas Index up 17.21 points, 2.3%
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Friday at 764.89, up 17.21 points, or 2.3%.
Uniti Group Inc. lead led the index with a 4.41% increase, followed by America's Car-Mart Inc., which gained 4.39% on the day. JB Hunt Transport Services Inc. marked a 3.36% gain. P.A.M. Transportation Services Inc. was the only losing stock, recording a 2.32% loss Friday.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
FILE - Trucks make their way on eastbound I-580 on Dec. 17, 2010, in Livermore, Calif. President Joe Biden's administration cleared the way for California's plan to phase out a wide range of diesel-powered trucks, a part of the state's efforts to drastically cut planet-warming emissions and improve air quality in heavy-traffic areas. (AP Photo/Ben Margot, File)
FILE - Trucks line up to enter a Port of Oakland shipping terminal on Nov. 10, 2021, in Oakland, Calif. President Joe Biden's administration cleared the way for California's plan to phase out a wide range of diesel-powered trucks, a part of the state's efforts to drastically cut planet-warming emissions and improve air quality in heavy-traffic areas. (AP Photo/Noah Berger, File)