(Reuters) -Electric vehicle manufacturer Canoo Inc ( GOEV ) warned on Monday about its dwindling cash and its ability to continue as a going concern, in further signs that slowing EV demand is significantly impacting startups.

Shares of the company were down more than 17% in extended trading after it said there was a substantial doubt about its ability to continue as a going concern.

Canoo ( GOEV ), which has contracts with the U.S. Defense Department for supply of advanced battery packs, said that if the company was unable to obtain sufficient additional funds, it may require to curtail or terminate operations.