---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-023139"
form_type: "8-K"
ticker: "WKHS"
cik: "0001425287"
company_name: "Workhorse Group Inc."
filed_at: "2024-03-15T23:59:59+00:00"
generated_at: "2026-06-04T16:58:47.480819+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Workhorse Group issues $9M secured convertible note with warrants; total capacity up to $139M

## Summary
- Initial $9M note at 12.5% OID yields ~$7.875M proceeds; warrant to buy 31,992,890 shares at $0.35.
- Note bears 9% interest (18% on default), convertible at lower of $0.26 or 87.5% of VWAP (floor $0.05), 1-year maturity.
- Company must seek stockholder approval within 75 days for >19.99% issuance and reverse stock split.
- Existing $2.5M Green Senior Secured Convertible Note fully redeemed and all collateral released.
- Up to $130M in additional notes with warrants (80% coverage) subject to conditions and investor/company options.

## SEC filing metadata
- accession: 0001213900-24-023139
- form_type: 8-K
- ticker: WKHS
- cik: 0001425287
- company_name: Workhorse Group Inc.
- filed_at: 2024-03-15T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/0001213900-24-023139-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/ea0201852-8k_workhorse.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-023139
- JSON: https://secwatch.observer/filing/0001213900-24-023139.json
- Plain text: https://secwatch.observer/filing/0001213900-24-023139.txt

## Key facts
- Debt Financings
  Workhorse Group Inc. incurred senior notes of aggregate principal amount of $139,000,000 with institutional investor at 9.0% per annum maturing one-year anniversary of their respective issuance dates.
  - Instrument: senior notes
  - Principal: aggregate principal amount of $139,000,000
  - Counterparty: institutional investor
  - Rate: 9.0% per annum
  - Maturity: one-year anniversary of their respective issuance dates
  - Event: incurrence
  source text: one or more registered public offerings by the Company directly to the Investor (the “Offering”), (i) senior secured convertible notes for up to an aggregate principal amount of $139,000,000 (the “Notes”) that will be convertible into shares of the Company’s common stock, par value of $0.001 per share (the “Common Stock”) and (ii) warrants (the “Warrants”) to purchase
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/0001213900-24-023139-index.htm
- Material Agreements
  Workhorse Group Inc. entered into Securities Purchase Agreement with an institutional investor valued at up to an aggregate principal amount of $139,000,000 (effective 2024-03-15).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: an institutional investor
  - Value: up to an aggregate principal amount of $139,000,000
  - Effective: 2024-03-15
  source text: on March 15, Workhorse Group Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an institutional investor (the “Investor”) under which the Company agreed to issue and sell pursuant to the Company’s Indenture, dated December 27, 2023 between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), and a Second Supplemental Indenture to be entered into between the Company and the Trustee (collectively, the “Indenture”), in one or more registered public offerings by the Company directly to the Investor (the “Offering”), (i) senior secured convertible notes for up to an aggregate principal amount of $139,000,000 (the “Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/0001213900-24-023139-index.htm

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