secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-10-16T23:59:59+00:00
Accession:  0001213900-24-087974
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024087974/0001213900-24-087974-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024087974/ea0217727-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-087974

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