secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-07-18T23:59:59+00:00
Accession:  0001213900-24-062309
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024062309/0001213900-24-062309-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024062309/ea0209609-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-062309

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