Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Workhorse Group Inc. incurred convertible notes of $6,285,714 with institutional investor at 9.0% per annum maturing one-year anniversary of the date hereof (May 10, 2025).
- Instrument
- convertible notes
- Principal
- $6,285,714
- Counterparty
- institutional investor
- Rate
- 9.0% per annum
- Maturity
- one-year anniversary of the date hereof (May 10, 2025)
- Event
- incurrence
Exact text from the filing
Pursuant to the Securities Purchase Agreement, on May 10, 2024, the Company issued and sold to the Investor a (i) Note in the original principal amount of $6,285,714 (the “First Additional Note”) and (ii) Warrant to purchase up to 36,785,453 shares of Common Stock (the “First Additional Warrant”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Workhorse Group Inc. entered into Securities Purchase Agreement with institutional investor valued at Issuance of First Additional Note in principal amount of $6,285,714 and Warrant to purchase up to 36 (effective 2024-03-15).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- institutional investor
- Value
- Issuance of First Additional Note in principal amount of $6,285,714 and Warrant to purchase up to 36
- Effective
- 2024-03-15
Exact text from the filing
As previously disclosed, on March 15, 2024, 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, in one or more registered public offerings by the Company directly to the Investor, (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 shares of Common Stock in multiple tranches over a period beginning on March 15, 2024.
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