Lordstown Motors terminates IP license agreement with Workhorse, effective March 27, 2023

Workhorse Group Inc.

LMC sent notice on Jan 27, 2023, purporting to terminate the November 7, 2019 IP License Agreement on March 27, 2023.
Workhorse believes royalty payments on sales of licensed electric pickup trucks survive termination.
LMC has not informed Workhorse of any vehicle sales since the agreement date; future sales and royalties uncertain.
Potential materiality of future royalties cannot be predicted at this time.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Workhorse Group Inc. terminated Intellectual Property License Agreement with Lordstown Motors Corp. (effective 2023-03-27).

Action: termination
Agreement: license
Counterparty: Lordstown Motors Corp.
Effective: 2023-03-27

Exact text from the filing

On January 27, 2023, Workhorse Group Inc. (the “Company”) received a letter (the “Notice”) from Lordstown Motors Corp. (NASDAQ: RIDE) (“LMC”) purporting to terminate, effective March 27, 2023, the previously disclosed Intellectual Property License Agreement dated November 7, 2019 between the Company and LMC (the “Agreement”).

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-007437

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.