Workhorse Group Inc. (WKHS): debt financing — Workhorse issues $35M 9% convertible note and 55M-share warrant to institutional investor

Workhorse Group Inc.

Issued $35M Tenth Additional Note (12.5% OID, net proceeds ~$30.6M before fees) and warrant to purchase 55,045,655 shares at $0.6999.
Note bears 9% interest (18% on default), matures in one year, convertible at lower of $0.4244 or 87.5% of 10-day VWAP (floor $0.10).
Proceeds placed in lockbox; monthly releases of $2.625M subject to minimum stock price and volume conditions.
Waiver permits up to $5M ATM offering without anti-dilution provisions through October 2025.
This is the 11th supplemental indenture under existing $139M framework; $8.35M of prior notes remain outstanding.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Workhorse Group Inc. incurred convertible notes of $35,000,000 at 9.0% per annum maturing one-year anniversary of the date hereof.

Instrument: convertible notes
Principal: $35,000,000
Rate: 9.0% per annum
Maturity: one-year anniversary of the date hereof
Event: incurrence

Exact text from the filing

on February 12, 2025 (the “Closing Date”), the Company issued and sold to the Investor (i) a Note in the original principal amount of $35,000,000 (the “Tenth Additional Note”)

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10 debt financings filed in the last 30 days. Browse all debt financings →

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001213900-25-012508

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