Workhorse Group enters merger agreement with Motiv Power Systems

Workhorse Group Inc.

Workhorse to acquire Motiv Power Systems; post-merger Motiv investors will own ~62.5% of Workhorse.
Workhorse enters $20 million sale-leaseback of Union City facility with affiliate of Motiv's largest investor.
Workhorse issues $5 million convertible note to Motiv investor affiliate and appoints Alan Henricks to board.
Workhorse repays ~$30.9 million in 2024 notes and exchanges warrants for rights to 30% of diluted shares.
Workhorse CEO, CFO, and GC amend employment agreements to reduce change of control payments.

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