secwatch.observer — SEC 8-K summary
======================================

Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-05-10T23:59:59+00:00
Accession:  0001213900-24-041465
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/0001213900-24-041465-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024041465/ea0205706-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-041465

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