Alliance Global ‘pleasantly surprised’ by rally on Canoo CFO change

Alliance Global Partners is “pleasantly surprised” by the positive share reaction after Canoo announced a CFO change. The firm does not see any major changes in the company’s capital raising efforts, saying its near-term priorities include finding sources of non-dilutive capital. In addition, gaining shareholder approval of proposals to increase the authorized shares and modify the terms of the Yorkville Advisors agreement is important to the near-term capital raising activity, the analyst tells investors in a research note. Alliance Global keeps a Buy rating on the shares with a $1.55 price target.