Nasdaq – Page 2 – COOPER GENERAL NEWS

Canoo’s van – known as a multi-purpose delivery vehicle (MPDV) due to its equipment options – is designed for commercial customers.

Canoo

Electric vehicle start-up Canoo unveiled a new van on Thursday ahead of its public debut on Nasdaq next week.

The futuristic-looking van, known as a multi-purpose delivery vehicle (MPDV) due to its equipment options, is designed for everything from last-mile deliveries to food trucks, according to the California company. It is expected to start at around $ 33,000.

“There are many use cases that this vehicle can perform,” said Tony Aquila, chairman of Canoo, a major investor in the company, during a video reveal of the MPDV. “We wanted it to look very chic and modern and at the same time be very affordable.”

Production of the vehicle is scheduled to begin in 2022 and start in 2023. The company did not disclose any specific production plans, but previously announced a strategic relationship with auto supplier and contract manufacturer Magna International.

Such commercial vehicles are expected to be a major driver of the sales of profitable electric vehicles for the automotive industry. It’s a segment that startups and older automakers want to get into quickly in the years to come. Ford Motor, which leads commercial vehicle sales, plans to release an electric vehicle in 2021, followed by an electric version of its F-150 pickup truck the following year.

Interior of the Canoo delivery van, also known as the multipurpose delivery vehicle or MPVD.

Canoo

Canoo said the MPDV will come in two sizes with different EV ranges and battery sizes. The company says the smaller van, known as MPDV1, is expected to range between 130 miles and 230 miles, while the larger van, MPDV2, is between 90 miles and 190 miles based on battery sizes. Canoo takes reservations and refundable deposits of USD 100 for the vehicles on its website.

Canoo is part of a wave of new speculative EV start-ups that are planning to enter the market through reverse mergers with special purpose vehicles, also known as blank check companies, after the IPO. The company announced its merger agreement with Hennessy Capital Acquisition Corp. in August. known.

Canoo is expected to be listed as “GOEV” on Tuesday after a general meeting on the Nasdaq to approve the merger on Monday. The deal is expected to provide Canoo with approximately $ 600 million to support the production and launch of electric vehicles.

Hennessy’s shares fell 10% to around $ 18 on Thursday lunchtime. The stock is still up around 69% since the deal with Canoo was announced on Aug. 18.

This is Canoo’s second planned vehicle. The first was a smaller, pill-shaped vehicle that was more intended for consumers. It is expected to be available via a company’s member-only vehicle service from 2022, according to Canoo.

During the vehicle reveal on Thursday, the company also teased a two-sheet car and pickup truck.

Correction: This story has been updated to take into account that Canoo’s expected ticker symbol is “GOEV”. The company had previously announced a ticker symbol for “CNOO”.

The NASDAQ market page will display an AirBnb sign on their billboard on the day of their IPO in Times Square in the Manhattan neighborhood of New York City, New York, United States, on December 10, 2020.

Carlo Allegri | Reuters

Airbnb is set to double its share price by its IPO debut on Thursday at the latest in a wave of hotly anticipated tech IPOs in a year that has been tumultuous due to the pandemic.

The shares were priced at $ 68 on Wednesday and are expected to hit around $ 152.30 when the stock starts trading, according to early signs prior to initial trading. Airbnb is traded on the Nasdaq under the ticker “ABNB”.

The stock is expected to trade between 12:30 p.m. and 1:00 p.m. Eastern Time, a well-placed source CNBC’s Leslie Picker said. Speculation that it would join one of the major indexes in the next few years seems to be sparking interest, the source said.

The company is going public at a time when the sector was hit by reduced travel trends during the public health crisis. Revenue last quarter was down nearly 19% to $ 1.34 billion year over year. But it still managed to make a profit of $ 219 million, and there were other intermittently profitable quarters as well.

While travel was less, Airbnb managed to find a sweet spot for those willing to hit the road who prefer home stays over traditional hotels. That could change when vaccines make travel more accessible again, possibly as early as late next year.

Airbnb’s CEO Brian Chesky said in an interview with CNBC’s Deirdre Bosa on the Thursday ahead of its IPO that the platform is considering changing the way travelers want to plan their trips as remote working is an option for many.

“Now that people come to Airbnb, they don’t even necessarily have a destination or dates in mind because they’re flexible. We’re all obviously zoomed in, and that’s why people say, ‘I want to go anywhere 300 miles around me around, what can you show me? ‘”he said. “Now we’re going to dig a little more into the game of inspiration and tune people into the perfect home experience for them.”

Chesky also said he wasn’t too concerned about the rating.

“I don’t think I’ll be more concerned than I did in April and May when our business fell 80% in eight weeks in the middle of a pandemic,” he said.

Airbnb struggled with complaints from hosts on its platform at the beginning of the pandemic, when the company indulged guest cancellations, leaving hosts with no expected payments. A Texas-based host filed a class action lawsuit against the company last month alleging that Airbnb breached its contract with hosts by offering the refunds. Airbnb called the lawsuit “frivolous and without merit” in a statement at the time.

As part of its IPO, Airbnb set up a Host Endowment Fund made up of 9.2 million non-voting shares. Airbnb said in its IPO prospectus that the fund would benefit hosts through programs and grants.

“We want hosts to share in our success, not just for a moment, but as long as Airbnb exists in the world,” the company wrote. “We intend that the Host Endowment Fund will be a long-term investment in the future of our hosting community, built by hosts for hosts.”

Airbnb was listed eight times on CNBC’s annual Disruptor 50 list and ranks 41st in 2020 Disruptor 50 companies.

This story evolves. Check for updates again.

Subscribe to CNBC on YouTube.

WATCH: Airbnb is battling through its Covid-19 response