Workhorse Group announces convertible note transaction

Workhorse Group entered into an agreement on March 15, 2024 with an institutional investor on the terms of financing transactions that will deliver up to $139 million to Workhorse and support the Company’s continued execution of its product roadmap. The financing transactions contemplate the issuance and sale by Workhorse to the Investor of senior secured convertible notes in an aggregate principal amount of up to $139 million and warrants to purchase shares of common stock in multiple tranches over a period beginning on March 15, 2024. In connection with the agreement, the Company completed a registered direct offering pursuant to which it issued and sold to the Investor a $9 million note and related warrants . The sale of the March Securities provides Workhorse immediate liquidity which is being used to fund operations and redeem the remaining $2,500,000 in aggregate principal amount of its existing Green Senior Secured Convertible Note.