Workhorse Group (WKHS) in talks to merge with private EV maker; would issue majority stake

Workhorse Group Inc.

In discussions to merge a private electric commercial vehicle maker into a new WKHS subsidiary; target's investors would hold substantial majority of WKHS post-close.
Potential transaction includes refinancing ~$33M senior secured convertible notes via a new convertible note and ~$20M sale-leaseback of Union City plant.
Noteholder would receive 3M new WKHS shares and cancel warrants; refinancing contingent on definitive agreement and closing.
Workhorse and target entered a 14-day exclusivity agreement; no definitive agreement yet, requires stockholder and Nasdaq approval.

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