Workhorse issues $2.6M convertible note and warrant under existing SPA

Workhorse Group Inc.

Fourth Additional Note: $2.6M principal, 12.5% OID, net proceeds ~$2.275M.
Note bears 9% interest, matures in one year; convertible at lower of $0.7193 or 87.5% of VWAP (floor $0.1586).
Warrant to purchase up to 2,891,901 shares at $1.1101 per share, exercisable for 10 years.
Prior Notes outstanding aggregate $6.85M as of August 22, 2024.
Up to $110.1M additional principal available under SPA subject to conditions.

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