Canoo said Friday night that it has and “cease operations effective immediately,” after failing to obtain sufficient funding to continue. The writing is on the wall for EV startups heading into the announcement; the company has lost several executives in recent months, and reported to the SEC in November that it only had $700,000 in the bank, per .

In a press release announcing the filing, Canoo said it won’t get funding from the Department of Energy’s Loan Program Office or from “foreign capital sources” that executives have been talking to. “Due to the fact that these efforts were unsuccessful, the Board made the difficult decision to file for insolvency,” it said. Canoo has a total of more than $164 million in hundreds of creditors, and has about $126 million in assets, according to TechCrunch. Under the Delaware filing, Canoo’s assets will be liquidated and the proceeds will be distributed to its creditors. In a statement, CEO Tony Aquila said, “We are truly disappointed that things turned out the way they did.”

Canoe made some electric vans for NASA and a prototype for the US Armyand there are deals for larger fleets like the USPS and Walmart, but only a small number of their vans appear to have materialized.