Workhorse Group Stock Price, News & Analysis

Workhorse Group Inc. (Nasdaq: WKHS) announced the submission of its Type Certification application for the HorseFly Unmanned Aerial System (UAS) to the Federal Aviation Administration (FAA). This certification is crucial for establishing the airworthiness of the aircraft, a process that typically takes 12 to 24 months. The HorseFly UAS can autonomously deliver parcels and has successfully completed commercial deliveries, carrying a ten-pound payload up to 10 miles. Workhorse aims to enhance cost-efficiency with operating costs below three cents per mile, marking a significant milestone for the company.

Workhorse Group Inc. (NASDAQ: WKHS) announced a conference call scheduled for November 9, 2020, at 10:00 a.m. ET to discuss its third-quarter financial results ending September 30, 2020. The company focuses on sustainable, drone-integrated electric vehicles for last-mile delivery. A press release with financial results will precede the call. Interested parties can access the call via U.S. and international dial-in numbers, with a replay available until November 16, 2020.

Workhorse Group (WKHS) has secured approval from the New York Truck Voucher Incentive Program (NYTVIP) to offer up to $48,328 and $44,328 vouchers for its C-1000 and C-650 electric delivery vehicles, respectively. This initiative aims to encourage the replacement of diesel vehicles, thereby reducing the sales price for purchasers significantly. CEO Duane Hughes emphasized that this program will enhance sales of C-Series vehicles and support New York's commitment to lowering carbon emissions. The vouchers are available in thirty counties within New York State.

Workhorse Group Inc. (WKHS) announced the successful closing of a $200 million financing agreement with Antara Capital GP LLC. The financing, set to provide Workhorse with $194.5 million in net proceeds, will help accelerate production and enhance product development in the last-mile delivery sector. The financing notes, convertible at $35.29 per share and maturing in four years, bear an interest rate of 4%, which could decrease to 2.75% under certain conditions. CEO Duane Hughes expressed optimism about the funding's potential to solidify the company's leadership.

Workhorse Group Inc. (Nasdaq: WKHS) announced that its C-1000 Extended Range delivery truck has received an Executive Order from the California Air Resources Board (CARB), classifying it as a zero-emission vehicle. This approval allows the company to sell the truck across the U.S., targeting more than a dozen states. The vehicle boasts an urban/highway blended driving range of 149 miles per charge, with urban driving reaching nearly 160 miles. This model will also generate 2.07 Zero Emission Vehicle (ZEV) credits, which can be sold to help meet CARB's emission standards.

On October 12, 2020, Workhorse Group Inc. (WKHS) announced a note purchase agreement to sell $200 million of 4.0% Senior Secured Convertible Notes due 2024. The net proceeds of approximately $194.5 million will support production scaling, new product advancements, and working capital. Additionally, an exchange agreement will see $70 million of existing convertible notes converted to equity, improving cash availability to over $270 million. The convertible notes have a premium conversion price of $36.14 per share, and the financing aims to expedite production efforts and new product timelines.

Workhorse Group Inc. (Nasdaq: WKHS) announced that its C-Series all-electric delivery trucks, specifically the C-1000 Extended Range model, have achieved an industry-leading range of approximately 160 miles per charge under urban conditions. This development positions Workhorse to expand its market reach within the last-mile delivery sector. The company also highlighted that its trucks are recognized as zero-emission vehicles by the California Air Resources Board, aligning with growing environmental standards.

Workhorse Group Inc. (WKHS), a leader in sustainable electric vehicles, announced its participation in several virtual financial conferences in September 2020. Key events include the LD Micro 500 on September 3, 9th Annual Gateway Conference on September 9, and the Cowen 13th Annual Global Transportation & Sustainable Mobility Conference on September 11, highlighting its commitment to innovation in the last-mile delivery sector. Investors can learn more by visiting workhorse.com.

Workhorse Group Inc. (NASDAQ: WKHS) has formed strategic agreements with Hitachi America and Hitachi Capital America to enhance its manufacturing and operational capabilities. Hitachi will conduct an operational assessment, utilizing its Smart Manufacturing and Electric Vehicle technologies, while Hitachi Capital will assist in developing a national dealer network and financing options for Workhorse's C-Series delivery vehicles. This partnership aims to support Workhorse's production ramp-up and meet increasing demand for electric vehicles in North America.