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.

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