Why EV Maker Canoo Dropped 11% Today

Shares of Canoo (NASDAQ: GOEV) dropped 13% early today, and remained down 11% as of noon EST.

Canoo began trading publicly last week after it closed its merger with the special purpose acquisition company (SPAC) Hennessy Capital.

Hennessy shareholders have known about the merger since it was announced in August. Shares had moved up sharply leading into the closing of the transaction, and some shareholders are taking profits now.

Source Fool.com