Workhorse issues $4M senior secured convertible note with 12.5% OID to institutional investor

Workhorse Group Inc.

Issued $4M principal note (net proceeds ~$3.5M after 12.5% OID) and warrant to buy 2,715,777 shares at $2.9260.
Note bears 9% interest (18% on default), matures in one year, convertible at lower of $1.1783 or 87.5% of 10-day VWAP (floor $0.3708).
This is third additional draw under March 2024 $139M facility; total issued $22.285M prior, $5.6M outstanding before this.
Covenants require $1.5M liquidity (or $4M if sale-leaseback of Union City facility closes); senior secured guarantees from subsidiaries.

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