secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0001213900-24-018781
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Workhorse cuts convertible note by $10M, exchanges warrant for 8.5M shares
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- Redeemed $10M of $20M green senior secured convertible note using controlled account funds; outstanding reduced to $2.5M.
- Exchanged warrant to purchase 25.6M shares for 8.5M shares of common stock; warrant cancelled.
- Note amendment removes Feb 15 and Mar 1 as partial redemption dates; company gains optional prepayment right.
- Minimum liquidity covenant deleted; replaced with monthly certification of cash balances in controlled accounts.
- High Trail selling restricted to 12% of daily trading volume through May 30, 2024, subject to early termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024018781/0001213900-24-018781-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024018781/ea0201018-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-018781

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer