Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Workhorse Group Inc. amended First Amendment to Green Senior Secured Convertible Note Due 2026 with High Trail Special Situations LLC valued at Note amended to redeem $10,000,000 principal, reduce outstanding to $2,500,000, remove partial redem (effective 2024-02-29).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- High Trail Special Situations LLC
- Value
- Note amended to redeem $10,000,000 principal, reduce outstanding to $2,500,000, remove partial redem
- Effective
- 2024-02-29
Exact text from the filing
On February 29, 2024, the Company entered into a First Amendment to Green Senior Secured Convertible Note Due 2026 (the “Note Amendment”) with the Holder pursuant to which (i) the Company redeemed $10,000,000 principal amount of the Note using funds in a controlled account that had been pledged as collateral securing the Company’s obligations under the Note, thereby reducing the outstanding principal amount of the Note to $2,500,000, and (ii) the parties amended the Note to remove February 15, 2024 and March 1, 2024 as Partial Redemption Dates, permit the Company to prepay the Note at its option, subject to certain conditions, and delete the minimum liquidity covenant.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Workhorse Group Inc. terminated Exchange Agreement with High Trail Special Situations LLC valued at Warrant cancelled in exchange for 8,500,000 shares of Common Stock (effective 2024-02-29).
- Action
- termination
- Agreement
- equity purchase
- Counterparty
- High Trail Special Situations LLC
- Value
- Warrant cancelled in exchange for 8,500,000 shares of Common Stock
- Effective
- 2024-02-29
Exact text from the filing
In connection with the Note Amendment, the Company entered into a letter agreement (the “Exchange Agreement”) whereby the Company exchanged the Warrant with the Holder for a total of 8,500,000 shares of Common Stock, whereupon the Warrant was cancelled (the “Exchange”).
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