What's Going On With Canoo Stock Monday?

Canoo Inc GOEV shares are volatile Monday after the company announced the U.S. Department of Defense's Defense Innovation Unit (DIU) expanded its previously announced partnership.

What Happened: Canoo has expanded its collaboration with the DoD in which the company has worked to deliver an advanced battery pack that can be scaled for use on operational military platforms. The DIU has been testing Canoo's technology since February. 

"We are honored to deepen our collaboration with the Department of Defense," said Tony Aquila, chairman and CEO of Canoo. 

"We are guided by our commitment to continuously innovating our patented technologies to better equip our partners to win whether it be in commercial or consumer markets, or in aiding our nation's defense."

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GOEV Price Action: Canoo shares soared after the announcement, trading as high as 66 cents before pulling back. At the time of publication, Canoo shares were down 2.02% at 54 cents, according to Benzinga Pro.

Photo: courtesy of Canoo.