Workhorse issues $2M senior secured convertible note to institutional investor; OID 12.5%

Workhorse Group Inc.

Issued $2,000,000 Seventh Additional Note, net proceeds $1,750,000 after 12.5% original issue discount.
Note carries 9% interest (18% default), matures one year from November 27, 2024.
Conversion price is lower of $0.5983 or 87.5% of 10-day VWAP, with floor of $0.2132; no warrants issued.
Prior aggregate notes total $33.5M; $5.85M remained outstanding as of November 26, 2024.
Up to $103.5M additional notes remain available under the Securities Purchase Agreement subject to conditions.

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