secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2024-12-16T23:59:59+00:00
Accession:  0001213900-24-109022
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024109022/0001213900-24-109022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390024109022/ea0224855-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-109022

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