secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-03-15T23:59:59+00:00
Accession:  0001213900-24-023139
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/0001213900-24-023139-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024023139/ea0201852-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-023139

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