Workhorse issues additional $1.2M convertible note, waives warrants and lease obligations

Workhorse Group Inc.

Issued $1.2M principal senior secured convertible note (net proceeds ~$1.05M after 12.5% OID) to existing institutional investor.
Conversion price is lower of $0.5983 or 87.5% of 10-day VWAP, floor $0.1611; warrants waived for this tranche.
Investor waived warrants on up to $14.8M future notes; company permitted ATM sales up to $5M with no price floor through Oct 16, 2025.
Company waived affiliate's ongoing lease payments under aero business sale agreement.
Previously $8.95M outstanding under facility; beneficial ownership cap increased to 9.99% effective Nov 4, 2024.

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