Workhorse Entered Into An Agreement On March 15, 2024 With An Institutional Investor On The Terms Of Financing Transactions That Will Deliver Up To $139M To Workhorse And Support The Company's Continued Execution Of Its Product Roadmap
Portfolio Pulse from Benzinga Newsdesk
Workhorse Group Inc. (NASDAQ:WKHS) announced an agreement with an institutional investor for financing transactions up to $139M to support its zero emission commercial vehicles roadmap. The deal includes senior secured convertible notes and warrants, with an immediate $9M note and related warrants issued to provide liquidity for operations and redeem existing debt.
March 19, 2024 | 1:05 pm
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Workhorse Group Inc. secured financing up to $139M from an institutional investor, enhancing its liquidity and supporting its zero emission vehicle development.
The financing deal directly impacts Workhorse by providing significant liquidity and financial support for its operations and product development. The immediate $9M note and related warrants offer immediate cash flow, which is critical for the company's ongoing projects and debt redemption. This financial backing is likely to be viewed positively by investors, potentially leading to a short-term uptick in stock price due to increased confidence in the company's financial stability and growth prospects.
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