8-K
filed December 15, 2025, 6:59 PM ET
ticker WKHS
CIK 0001425287
M&A
confidence high
sentiment neutral
materiality 0.85
Workhorse Group Inc. (WKHS): M&A transaction — Workhorse closes Motiv merger; new CEO, $50M debt, and 1-for-12 reverse split take effect Dec 15
Workhorse Group Inc.
- Merger consummated: Motiv becomes indirect wholly-owned subsidiary; 6,629,800 shares issued to MGMH, which gains control of Workhorse.
- Scott Griffith appointed CEO; former CEO Richard Dauch and four other directors resign; board reduced to seven members.
- Entered up to $50M in debt financing: $40M customer order credit and $10M cash flow line, both maturing Dec 15, 2028, at SOFR+5.00%.
- Redeemed 2024 Notes: paid ~$18.3M to note holders; 2024 Warrants exchanged for rights to acquire 1,193,364 shares of common stock.
- 1-for-12 reverse stock split of common stock effected; Nasdaq listing and ticker 'WKHS' unchanged.
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 credit facility of up to $10 million with MGMH at term SOFR plus an applicable margin of 5.00% maturing December 15, 2028.
- Instrument
- credit facility
- Principal
- up to $10 million
- Counterparty
- MGMH
- Rate
- term SOFR plus an applicable margin of 5.00%
- Maturity
- December 15, 2028
- Event
- incurrence
Exact text from the filing
The Cash Flow Credit Agreement provides Workhorse with a line of credit with borrowing capacity of up to $10 million to fund its working capital requirements
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Workhorse Group Inc. incurred credit facility of up to $40 million with MGMH at term SOFR plus an applicable margin of 5.00% maturing December 15, 2028.
- Instrument
- credit facility
- Principal
- up to $40 million
- Counterparty
- MGMH
- Rate
- term SOFR plus an applicable margin of 5.00%
- Maturity
- December 15, 2028
- Event
- incurrence
Exact text from the filing
The Customer Order Credit Agreement provides Workhorse with up to $40 million to fund vehicle manufacturing in connection with Qualified Purchase Orders
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Workhorse Group Inc.: Board adopted Third Amended and Restated Bylaws to opt out of Control Share Act and add exclusive forum provision.
- Change
- bylaw amendment
Exact text from the filing
adopted the Third Amended and Restated Bylaws of Workhorse (the “A&R Bylaws”) to (i) opt out of Sections 78.378 to 78.3793, inclusive, of the Nevada Revised Statutes (the “Control Share Act”), and (ii) add an exclusive forum provision.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Workhorse Group Inc. completed an acquisition involving Motiv Power Systems, Inc. (closed 2025-12-15).
- Action
- acquisition
- Counterparty
- Motiv Power Systems, Inc.
- Closing
- 2025-12-15
Exact text from the filing
On December 15, 2025 (the “Closing Date”), Workhorse Group Inc., a Nevada corporation (“Workhorse” or the “Company”), consummated the previously announced merger pursuant to the Agreement and Plan of Merger
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Workhorse Group Inc. entered into Cash Flow Credit Agreement with MGMH valued at up to $10 million (effective 2025-12-15).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- MGMH
- Value
- up to $10 million
- Effective
- 2025-12-15
Exact text from the filing
The Cash Flow Credit Agreement provides Workhorse with a line of credit with borrowing capacity of up to $10 million to fund its working capital requirements
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Workhorse Group Inc. terminated Convertible Note Security Agreement with MGMH (effective 2025-12-15).
- Action
- termination
- Counterparty
- MGMH
- Effective
- 2025-12-15
Exact text from the filing
hat entities affiliated with MGMH provide Workhorse with up to $20 million in debt financing at the Closing. In satisfaction of this
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
Workhorse Group Inc. entered into Registration Rights Agreement with MGMH (effective 2025-12-15).
- Action
- entry
- Counterparty
- MGMH
- Effective
- 2025-12-15
Exact text from the filing
hat entities affiliated with MGMH provide Workhorse with up to $20 million in debt financing at the Closing. In satisfaction of this
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Workhorse Group Inc. entered into Customer Order Credit Agreement with MGMH valued at up to $40 million (effective 2025-12-15).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- MGMH
- Value
- up to $40 million
- Effective
- 2025-12-15
Exact text from the filing
The Customer Order Credit Agreement provides Workhorse with up to $40 million to fund vehicle manufacturing in connection with Qualified Purchase Orders
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Workhorse Group Inc. amended Amended and Restated Convertible Note with MGMH (effective 2025-12-15).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- MGMH
- Effective
- 2025-12-15
Exact text from the filing
On the Closing Date, the parties to the Convertible Note entered into an Amended and Restated Convertible Note (the “A&R Note”) to make the obligations under the Convertible Note, as amended, unsecured obligations of Workhorse and each guarantor party thereto.
View on SEC.gov
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