Workhorse Group enters $20M convertible note and $50M equity line agreements

Workhorse Group Inc.

Issued $20M green senior secured convertible note to High Trail Special Situations, 12.5% OID for $17.5M net proceeds, convertible at $0.5178/share.
Warrant to purchase 25,601,639 shares at 115% of Nasdaq Minimum Price, three-year term.
Entered $50M equity purchase agreement with Lincoln Park Capital Fund for up to $50M in common stock sales over 24 months.
Note requires minimum cash: $25M by Dec 31, 2023; $13.5M by Jan 31, 2024; $20M by Feb 29, 2024.
Lincoln Park agreement includes 3,775,105 commitment shares; regular purchases at 97.5% of lowest sale price with daily purchase caps.

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. entered into Securities Purchase Agreement with High Trail Special Situations LLC (effective 2023-12-12).

Action: entry
Agreement: equity purchase
Counterparty: High Trail Special Situations LLC
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, Workhorse Group Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with High Trail Special Situations LLC (the “Investor”) under which the Company agreed to issue and sell pursuant to an indenture and supplemental indenture

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

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-094900

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