Electric trucking company Harbinger has filed an objection to the planned sale of Canoo’s assets to its CEO, Anthony Aquila, arguing that the process has been conducted unfairly and without adequate transparency. The challenge adds a new layer of complexity to Canoo’s bankruptcy case, which has been unfolding over the past two months.
Harbinger’s filing, submitted late Friday, claims Canoo failed to disclose certain assets acquired from bankrupt EV startup Arrival while also including assets in the sale that it may not actually own. After reviewing Canoo’s virtual data room as a potential bidder, Harbinger says it identified discrepancies in the sale process.
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The company also contends that the asset sale was not properly marketed and lacked an independent appraisal. Instead, the bankruptcy trustee allegedly accepted Aquila’s bid without broader outreach to potential buyers, creating an unfair advantage.
The dispute is the latest in a history of legal battles between the two companies. Harbinger was founded in 2021 by former Canoo employees, and Canoo later sued the startup in 2022, accusing it of misappropriating trade secrets. The lawsuit remained active when Canoo declared bankruptcy in January. As part of the asset purchase, Aquila is set to acquire rights to any settlement that Harbinger may be required to pay.
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Harbinger’s filing also raises concerns about a clause in the purchase agreement granting Aquila and the bankruptcy trustee authority over any settlement in the ongoing trade secret case. The company argues this provision could conflict with Department of Justice guidelines for Chapter 7 trustees.
Neither Canoo’s trustee, Jeoffrey Burtch, nor the company’s legal representatives immediately responded to requests for comment. Lawyers representing Aquila and Harbinger also declined to comment.