Ulrich Kranz, the Apple car executive who served as the former CEO of the EV startup Canoo, is facing some legal trouble.
On Friday, the Securities and Exchange Commission filed a lawsuit against Kranz and former Canoo chief financial officer Paul Balciunas over claims they provided “unreasonable revenue projections” to investors, as first reported by Bloomberg.
Before leading Canoo, Kranz helped BMW launch its electric i3 hatchback in 2013 and joined the EV startup Faraday Future in 2016.
After butting heads with Faraday Future’s CEO, Kranz and another BMW alum left the startup in 2017 to form Canoo.
Besides that, Canoo nearly ran out of cash and has picked up government-backed projects, such as creating shuttles for NASA’s Artemis crew, in order to stay afloat.
As part of its suit, the SEC wants to prohibit Kranz and Balciunas from acting as “officers or directors” at public companies in the future.
This is the best summary I could come up with:
Ulrich Kranz, the Apple car executive who served as the former CEO of the EV startup Canoo, is facing some legal trouble.
On Friday, the Securities and Exchange Commission filed a lawsuit against Kranz and former Canoo chief financial officer Paul Balciunas over claims they provided “unreasonable revenue projections” to investors, as first reported by Bloomberg.
Before leading Canoo, Kranz helped BMW launch its electric i3 hatchback in 2013 and joined the EV startup Faraday Future in 2016.
After butting heads with Faraday Future’s CEO, Kranz and another BMW alum left the startup in 2017 to form Canoo.
Besides that, Canoo nearly ran out of cash and has picked up government-backed projects, such as creating shuttles for NASA’s Artemis crew, in order to stay afloat.
As part of its suit, the SEC wants to prohibit Kranz and Balciunas from acting as “officers or directors” at public companies in the future.
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