Workhorse issues $3.4M convertible note with 9% interest and warrant to raise capital

Workhorse Group Inc.

Issued Fifth Additional Note for $3.4M principal, net proceeds $2.975M after 12.5% OID.
Note bears 9% annual interest, convertible at lower of $0.5983 or 87.5% 10-day VWAP, subject to Floor Price $0.1693.
Also issued warrant to purchase up to 4,546,024 shares at $1.2684/share, exercisable for 10 years.
Total prior notes issued under same agreement: $28.9M principal; $5.95M still outstanding as of Sept 27, 2024.
Additional closings possible for up to $106.7M in aggregate principal under the Securities Purchase Agreement.

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