Workhorse Group hosts webcast for stockholder questions

Workhorse Group held a webcast to answer stockholder questions in advance of the Company’s upcoming Special Meeting scheduled for August 28, 2023. Highlights from the webcast include the following commentary from management: Workhorse’s intended use for the proceeds raised from the share issuance…”We need additional capital to fund our next phase of execution. From a position of strength, we’re exploring several financing options. Those options will only be available to us if shareholders vote FOR the proposal. Primarily, we will use the proceeds to expand and advance our product roadmaps, continue to support our Aero business as it goes into production and continue to invest in supplier tooling and assembly equipment as we move into production of the W56.” – Rick Dauch. The plan for value creation…”Simply put, we need our stockholders to help us build a bridge to long-term growth and stockholder value. We need to be able to issue shares to get financing so we can fund our execution and our growth plans. We’re confident the important work underway and the progress we are making across our EV portfolio will deliver value to shareholders over the long-term.” – Bob Ginnan. Workhorse’s plans to achieve 2023 revenue guidance… “We have three clear, actionable priorities for the remainder of the year. Secure the HVIP voucher process in California – that is a critical enabler for us; sell the W4 CCs – based on input from dealer meetings we’ve had the last few weeks, we think we can do so; and ramp up W750 production.” – Dauch. The Company’s belief in selling every truck it makes… “I believe that (we can sell every truck we make). I say that not based on my opinion or dream, but based on the feedback we’re getting from our dealers.” – Dauch. Why stockholders should vote FOR the proposal…”We’re on the precipice of success here at Workhorse. The market shift to EV is coming. It is coming slower that we thought or than anybody forecasted, and we need your help to extend our runway to get there. If you look at the CARB rules and the clean fleet rules specifically, by 2030 50% of all the Class 4-6 step van vehicles will be EV. We are positioning ourselves to ride that wave.” – Dauch