Workhorse issues $7M senior secured convertible note and warrant to institutional investor

Workhorse Group Inc.

On May 29, 2024 issued $7M Series A-4 Note (9% interest, 12.5% OID, one-year maturity) and warrant to purchase 40,965,618 shares.
Conversion price: lower of $0.1367 or 87.5% of 10-day VWAP, floor $0.0421; warrant exercise price $0.2944 for 10 years.
Prior notes of $15,285,714 aggregate principal have $3,548,137.20 outstanding; no shares yet issued under any warrants.
Up to $116.7M additional notes and warrants may be issued under the Securities Purchase Agreement subject to conditions.
The Note is senior, secured by company assets, and includes minimum liquidity covenants ($1.5M/$4M).

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