Related Party Transactions
|6 Months Ended|
Jun. 30, 2022
|Related Party Transactions [Abstract]|
|Related Party Transactions||Related Party Transactions
On November 25, 2020, Legacy Canoo entered into an agreement, which remains in effect, with Tony Aquila, Executive Chair and Chief Executive Officer (“CEO”) of the Company, to reimburse Mr. Aquila for certain air travel expenses based on certain agreed upon criteria (“aircraft reimbursement”). The total aircraft reimbursement to Mr. Aquila for the use of an aircraft owned by AFV, an entity controlled by Mr. Aquila, for the purposes related to the business of the Company was approximately $0.2 million and $0.6 million for the three and six months ended June 30, 2022, respectively. The reimbursement was approximately $0.4 million and $1.0 million for the three and six months ended June 30, 2021, respectively. In addition, certain AFV staff provided the Company with shared services support in its Justin, Texas corporate office facility. For the three and six months ended June 30, 2022, the Company paid AFV approximately $0.3 million and $0.5 million, respectively, for these services. There were no payments made to AFV for these services for the three and six months ended June 30, 2021.
On May 10, 2022, the Company entered into Common Stock Subscription Agreement providing for the purchase of an aggregate of 13.7 million shares of the Company’s Common Stock at a price of $3.65 per PIPE Share for an aggregate Purchase Price of $50.0 million. The purchasers of the PIPE Shares are special purpose vehicles managed by entities affiliated with Mr. Tony Aquila, the Company’s Executive Chairman and Chief Executive Officer. The closing of the Private Placement occurred on May 20, 2022.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef