---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-099062"
form_type: "8-K"
ticker: "WKHS"
cik: "0001425287"
company_name: "Workhorse Group Inc."
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:18:25.635205+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Workhorse closes $20M convertible note offering with High Trail; warrant issued

## Summary
- Issued $20M senior secured convertible note at 12.5% OID, net proceeds ~$17.5M.
- Note convertible at $0.5178/share; warrant to buy 25.6M shares at $0.4492.
- Note matures Oct 2026; monthly cash redemption option starts Jan 1, 2024, up to 12.5% of principal.
- Note classified as short-term liability; secured by substantially all assets and subsidiary guarantees.
- Covenants require minimum cash: $25M by Dec 31, 2023; $13.5M by Jan 31, 2024; $20M by Feb 29, 2024.

## SEC filing metadata
- accession: 0001213900-23-099062
- form_type: 8-K
- ticker: WKHS
- cik: 0001425287
- company_name: Workhorse Group Inc.
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/0001213900-23-099062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/ea190764-8k_workhorse.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-099062
- JSON: https://secwatch.observer/filing/0001213900-23-099062.json
- Plain text: https://secwatch.observer/filing/0001213900-23-099062.txt

## Key facts
- Debt Financings
  Workhorse Group Inc. incurred convertible notes of $20,000,000 with High Trail Special Situations LLC maturing October 1, 2026.
  - Instrument: convertible notes
  - Principal: $20,000,000
  - Counterparty: High Trail Special Situations LLC
  - Maturity: October 1, 2026
  - Event: incurrence
  source text: On the Closing Date the Company issued and sold in a registered public offering by the Company directly to the Investor (the “Offering”) a (i) green senior secured convertible note for the principal amount of $20,000,000 (the “Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/0001213900-23-099062-index.htm
- Material Agreements
  Workhorse Group Inc. entered into Securities Purchase Agreement with High Trail Special Situations LLC valued at $20,000,000 principal amount of green senior secured convertible note (effective 2023-12-27).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: High Trail Special Situations LLC
  - Value: $20,000,000 principal amount of green senior secured convertible note
  - Effective: 2023-12-27
  source text: On December 27, 2023 (the “Closing Date”), Workhorse Group Inc. (the “Company”) consummated the transactions contemplated by the previously disclosed securities purchase agreement (the “Securities Purchase Agreement”) entered into with High Trail Special Situations LLC (the “Investor”) on December 12, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/0001213900-23-099062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.