Business
Workhorse Hosts Webcast to Answer Stockholder Questions
Reiterates Confidence in Path Forward and Commitment to Stockholder Value Creation Strongly Urges Stockholders to Vote FOR Proposal to Increase Number of
About this update from Workhorse Group, Inc.
[{"type":"text","content":"Reiterates Confidence in Path Forward and Commitment to Stockholder Value Creation Strongly Urges Stockholders to Vote FOR Proposal to Increase Number of Authorized Shares TODAY CINCINNATI, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, yesterday, held a webcast to answer stockholder questions in advance of the Company’s upcoming Special Meeting scheduled for August 28, 2023. A replay of the webcast will be available on www.VoteWKHS.com. The webcast included a question-and-answer session during which Workhorse Chief Executive Officer, Rick Dauch, and Workhorse Chief Financial Officer, Bob Ginnan, answered questions covering topics including rationale for the share authorization proposal, intended use for these funds, confidence in the Company’s financial targets, EV and Aero production and development plans and corporate governance. 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 r...