Workhorse Group settles securities class action with $15M cash and $20M in shares, increases authorized shares to 450M

Workhorse Group Inc.

Settlement fund consists of $15 million cash and $20 million in Workhorse common stock (25,380,711 shares) to resolve Securities Class Action.
First 2,000,000 settlement shares issued on September 1, 2023 under Section 3(a)(10) exemption.
Stockholders approved amendment to articles of incorporation increasing authorized common shares to 450 million at September 1, 2023 special meeting.
Vote results: 107,790,864 for, 15,836,387 against, 1,700,854 abstentions, with 59% quorum of 210,793,111 shares outstanding.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Workhorse Group Inc.: Increased authorized shares of common stock from prior amount to 450 million (effective 2023-09-06).

Change: charter amendment
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, the Company filed the Amendment with the Secretary of State of the State of Nevada, and such Amendment became effective immediately.

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

Workhorse Group Inc. shareholders approved Approval of an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock at the 2023-09-01 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-09-01

Exact text from the filing

Proposal 1 – Approval of an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock. Votes For Votes Against Abstentions Votes Cast 107,790,864 15,836,387 1,700,854 The stockholders approved the amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock.

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13 governance changes filed in the last 30 days. Browse all governance changes →

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-074424

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