Workhorse Group, Inc. reports developments tied to its role as a North American OEM and provider of all-electric trucks, step vans, shuttles and buses for commercial fleets. Recurring updates cover purchase orders for W56 step vans, fleet deployments, dealer relationships, customer-support programs that span vehicles and charging infrastructure, and post-sale service through dealer and factory-certified support networks.
The company also issues earnings and business-outlook announcements, operating updates and capital-structure or governance news. Its disclosures commonly reference commercial fleet customers, the Union City, Indiana manufacturing facility, the completed Motiv merger and the market for medium-duty electric delivery vehicles.
Workhorse Group Inc. (Nasdaq: WKHS) announced eligibility for its C-Series all-electric delivery trucks under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The California Air Resources Board (CARB) granted the Executive Order A-445-0003, allowing specific models to qualify for vouchers of up to $50,000 per vehicle, enhancing affordability for customers. While the HVIP program is currently on hold for new requests until fall 2020, Workhorse maintains its eligibility, which is expected to boost sales and support environmental goals.
Workhorse Group Inc. (Nasdaq: WKHS) announced a financing agreement for a $70 million Senior Secured Convertible Note with an institutional investor. The funds will support operating working capital and corporate purposes. The Note will rank equally with a previous note issued in December 2019 and is convertible into common stock at $19.00 per share. It matures on July 1, 2023, with a 4.5% annualized coupon. The financing is expected to enhance financial flexibility and support the company's production objectives for 2021.