Workhorse Group auditor Grant Thornton declines reappointment; material weaknesses noted

Workhorse Group Inc.

Grant Thornton notified Workhorse on Dec 3, 2024 it will not stand for reappointment as independent auditor for FY2024.
No disagreements on accounting principles or audit scope during 2022-2024; 2023 report included going-concern emphasis.
Two material weaknesses: insufficient control precision on fair value of convertible note/warrant liability, and understaffed finance team due to cost cuts.
No new independent auditor has been engaged as of filing date; company will disclose appointment in future Form 8-K.

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