Canoo said Friday night that it did and will “immediately cease operation,” after failing to raise sufficient funds to make it possible. The writing was on the wall for EV to start advertising; The company has lost several executives in recent months, and reported to the SEC in November that it had only $700,000 in the bank, at .

In a press release announcing the leak, Canoo said he could not get the money from the Department of Energy’s Loan Program or “foreign funds” that the administration was negotiating with. “Seeing that these efforts have been unsuccessful, the Board has made the difficult decision to file for insolvency,” it said. Canoo owes more than $164 million to hundreds of creditors, and has $126 million in cash, according to Results TechCrunch. Under the Delaware filing, Canoo’s assets will be liquidated and the proceeds will be distributed to creditors. In a statement, CEO Tony Aquila said, “We are very disappointed that things turned out so well.”

Canoo made a few electric vans for NASA and a example of the US Armyand had large fleet sales with the likes of the USPS and Walmart, but only a few of his vans seem to have been around.