It should have been good news for Canoo (NASDAQ: GOEV) -- but instead, it has turned into a 9.6% rout of one of the nation's tiniest EV start-ups.

On Monday, Canoo announced that in a follow-on to its Feb. 1 contract win to supply "battery modules" to the U.S. Department of Defense's Defense Innovation Unit, Canoo has just received a "significantly expanded" contract.  

Lacking details on how much this contract -- or either of these contracts -- is actually worth to Canoo, however, investors don't seem particularly excited by the news, and instead of going up, Canoo stock went down -- way down -- today.

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Source Fool.com