Business
Workhorse Group Strengthens Financial Position Through Deleveraging Transaction
Agreement Allows Company to Remove Remaining Debt from its Balance Sheet CINCINNATI, April 06, 2022 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS)
About this update from Workhorse Group, Inc.
[{"type":"text","content":"Agreement Allows Company to Remove Remaining Debt from its Balance Sheet\nCINCINNATI, April 06, 2022 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, today announced that it has taken further action to strengthen its financial position. The Company entered into an agreement with High Trail Capital to exchange their outstanding 4.00% senior secured convertible notes for approximately $29.7 million of the Company’s common stock. This transaction will eliminate the remaining debt from Workhorse’s balance sheet. “Over the past year, we’ve taken significant steps to stabilize and strengthen our financial position in order to transition Workhorse from an advanced technology start-up to an efficient manufacturing company,” said Workhorse CFO Bob Ginnan. “With this transaction we are moving forward with a debt-free balance sheet, increased financial flexibility and a stronger financial foundation to continue executing on our manufacturing and product roadmaps.” For additional details regarding the agreement, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on April 6, 2022. About Workhorse Group Inc.Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com. Forward-Looking StatementsThis press release includes forward-looking statements. These statements are made under the \"safe harbor\" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as \"believes,\" \"expects,\" \"anticipates,\" \"estimates,\" \"projects,\" \"intends,\" \"should,\" \"seeks,\" \"future,\" \"continu...