Canoo Shares Double on Walmart Order for 4,500 Electric Vans

Canoo Inc. shares doubled in value after the struggling electric-vehicle startup won an order for 4,500 vans from Walmart Inc.

The deal announced in a statement Tuesday is a boon to Canoo, which ended the first quarter with just $105 million in cash. The company recently moved its headquarters to Walmart’s hometown of Bentonville, Arkansas, and warned in May of substantial doubt about its ability to continue as a going concern.