---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-041465"
form_type: "8-K"
ticker: "WKHS"
cik: "0001425287"
company_name: "Workhorse Group Inc."
filed_at: "2024-05-10T23:59:59+00:00"
generated_at: "2026-06-02T03:31:59.287609+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Workhorse issues additional $6.3M convertible note, furloughs 73, Q1 operating loss $18.1M

## Summary
- Issued $6.285M first additional senior secured convertible note (12.5% OID, $5.5M net proceeds) and warrant for 36.8M shares at $0.2943.
- Preliminary Q1 2024: sales $1.3M (down 24% YoY), net operating loss $18.1M; cash $6.7M (down from $25.8M at Dec 2023).
- Furloughed 73 employees at Union City facility effective April 22, 2024; expects ~$300,000 per month savings.
- Union City facility sale-leaseback unlikely at current $34.5M price; seeking alternatives; Aero divestiture expected Q2 2024 with no cash proceeds.
- Received orders for 141 W4CC (30 shipped) and 68 W56 trucks; added 3 dealers (total 12); CSI litigation for ~$4M unpaid supplier amount.

## SEC filing metadata
- accession: 0001213900-24-041465
- form_type: 8-K
- ticker: WKHS
- cik: 0001425287
- company_name: Workhorse Group Inc.
- filed_at: 2024-05-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/0001213900-24-041465-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/ea0205706-8k_workhorse.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-041465
- JSON: https://secwatch.observer/filing/0001213900-24-041465.json
- Plain text: https://secwatch.observer/filing/0001213900-24-041465.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/0001213900-24-041465-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/0001213900-24-041465-index.htm

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