secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-05-29T23:59:59+00:00
Accession:  0001213900-24-047250
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024047250/0001213900-24-047250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024047250/ea0206943-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-047250

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