secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2023-12-28T23:59:59+00:00
Accession:  0001213900-23-099062
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/0001213900-23-099062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390023099062/ea190764-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-099062

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