secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0001213900-24-083554
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 $3.4M convertible note with 9% interest and warrant to raise capital
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024083554/0001213900-24-083554-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024083554/ea0216064-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-083554

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