Workhorse issues $3.5M senior secured convertible note to existing investor

Workhorse Group Inc.

Issued $3.5M Eighth Additional Note (12.5% OID; net proceeds ~$3.06M) to the same institutional investor.
Note bears 9% interest, convertible at lower of $0.5983 ref price or greater of $0.20 floor and 87.5% of 10-day VWAP.
Investor waived warrants for this tranche; up to $5M ATM offering allowed without price floor through Oct 2025.
As of Dec 15, $5.6M aggregate principal remained outstanding on prior notes; up to $100M additional closings possible.
Note is senior secured, matures one year from issuance; covenants include minimum liquidity of $1.5M or $4M.

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