Workhorse Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Summary
Workhorse (NASDAQ: WKHS) reported that on July 20, 2026, its Board’s Human Resource Management and Compensation Committee granted 93,750 restricted stock units (RSUs) to newly appointed Chief Financial Officer Jody Davis under the company’s Inducement Equity Award Plan, compliant with Nasdaq Listing Rule 5635(c)(4).
The RSUs vest in three equal annual installments on the first, second and third anniversaries of June 1, 2026, subject to Mr. Davis’s continued employment with Workhorse.
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Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 15 | Earnings date notice | Neutral | -1.1% | Scheduled second-quarter earnings release and conference call for August 13, 2026 |
| Jul 13 | CFO appointment | Positive | -0.4% | Jody Davis appointed CFO with finance, capital formation, and manufacturing-scaleup experience |
| May 14 | First-quarter earnings | Negative | -17.5% | Revenue increased, but losses and cash constraints remained material during Motiv integration |
| May 06 | Customer support partnership | Positive | +28.0% | InCharge partnership expanded integrated customer support across North America |
| Apr 30 | Vehicle purchase order | Positive | +23.9% | Gateway Fleets ordered 100 W56 electric step vans for deployment beginning July 2026 |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive announcements aligned with gains, while the Q1 earnings release aligned with a sharp decline; scheduling and CFO-transition items diverged from neutral framing.
Key Terms
restricted stock units financial
nasdaq listing rule 5635(c)(4) regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
DETROIT, July 20, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse” or the “Company”), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today announced that on July 20, 2026, the Human Resource Management and Compensation Committee of the Company’s Board of Directors (the “Committee”) granted 93,750 restricted stock units (“RSUs”) to Jody Davis under the Company’s Inducement Equity Award Plan (the “Inducement Plan”) in connection with Mr. Davis’s hiring and appointment as Chief Financial Officer. The award was granted as an inducement material to Mr. Davis entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a three-year period, in three equal installments on the first, second and third anniversaries of June 1, 2026, subject to Mr. Davis’s continued employment with the Company through the applicable vesting dates.
About Workhorse Group Inc.
Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at www.workhorse.com.
Media Relations Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, john.williams@workhorse.com
ICR, Inc.
workhorse@icrinc.com
Investor Relations Contact:
ir@workhorse.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts, including those regarding the Company's achievement of its priorities and its other plans, objectives, expectations, business strategies, future operations, financial performance, prospects, and other future events or developments, are forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, and estimates as of the date of this press release and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties are described in greater detail under the caption "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.
