Walmart said Tuesday it signed an agreement to buy 4,500 all-electric delivery vehicles from Canoo,

The electric vehicle startup-turned-SPAC that last quarter warned it may not have enough money to stay in business.

Canoo wouldn’t share the financial terms of the deal.

However, a spokesperson disclosed that these are binding pre-orders, beginning with Canoo’s branded “Lifestyle Delivery Vehicle.”

Under the agreement, Walmart has an option to buy 10,000 units.

Canoo shares surged on the Walmart announcement, pushing the stock price up 76% to $4.17 as of 11 am ET.

Initially, Walmart will use some pre-production EVs to deliver online orders in the Dallas-Fort Worth metro area.

Canoo will use this as a test bed to refine and finalize vehicle configuration in the coming weeks.

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