Canoo shares spike on CEO share purchase

Canoo Inc. (NASDAQ:GOEV) shares surged to a double-digit gain in premarket trading on Friday after the disclosure of insider buying activity.

Per an SEC Form 4 filing, CEO Tony Aquila scooped up a total of 9,009,009 shares at an average price of $1.11 per share, equating to about $10M. Half of the purchase was made directly, while the other half was made indirectly via LLCs that count Aquila as a managing member. The move increases the executive’s stake to over 19%.

Shares of the California-based EV startup rose 11.11% in premarket hours as over 1M shares changed hands.

Read more on the company’s production plans.