Arkansans will need to become familiar with two new stock symbols: GOEV, for Canoo Inc., which trades on the Nasdaq, and MEG, for Montrose Environmental Group Inc., which trades on the New York Stock Exchange.
Canoo, a maker of electric vehicles, announced last week that it will move its headquarters to Bentonville (and put a research and development center in Fayetteville), and Montrose announced in August that it had moved its headquarters office from Irvine, California, to North Little Rock.
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Canoo, which promised to employ more than 500 in northwest Arkansas, said it wants to transform “the U.S. Route 412 corridor from Oklahoma through Arkansas into a center of electric vehicle research, development and manufacturing power.”
The goals of the company, which went public just last year, are ambitious, and it has been losing money, but it should be remembered that Amazon didn’t turn a profit until seven years after its initial public offering.
Montrose, an environmental services company, entered Arkansas with its purchase last year of privately held CTEH of North Little Rock, a scientific consulting firm specializing in emergency preparedness, response and recovery.
Canoo and Montrose bolster Arkansas’ roster of publicly traded companies, which in recent years had seen a decline in their number with companies like Murphy Oil Corp. moving from its El Dorado headquarters to Houston.
Had the two companies moved to Arkansas last year, Montrose would have ranked No. 11 on Arkansas Business’ list of largest public companies, and Canoo would have been at No. 13, based on 2020 net income.
The world changes and business changes with it. It’s good to see new companies bet on Arkansas and her people.