secwatch.observer — SEC 8-K summary
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Issuer:     Workhorse Group Inc. (WKHS)
CIK:        0001425287
Form:       8-K
Filed at:   2025-02-12T23:59:59+00:00
Accession:  0001213900-25-012508
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Workhorse issues $35M 9% convertible note and 55M-share warrant to institutional investor
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425287/000121390025012508/0001213900-25-012508-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425287/000121390025012508/ea0230729-8k_workhorse.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-012508

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer