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Workhorse Stock News
adminnOctober 13, 2020
Yesturday we celebrated extra 200M$

Workhorse jumps 12% after securing $200M in financing from notes sale 10:24 WKHS Workhorse Group shares are rallying after the company entered into a note purchase agreement under which it will sell $200M aggregate principal amount of its 4.0% senior secured convertible notes due 2024 to two institutional lenders. The proceeds of the offering before expenses are expected to be approximately $194.5M and will be used to increase and accelerate production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes, Workhorse said in a statement earlier today. In addition, Workhorse has entered into an exchange agreement with the holder of its existing 4.5% convertible notes to exchange the full $70M outstanding principal amount of those notes for shares of the company’s common stock. After the closing and release of the proceeds, the company will have over $270M in cash available. The note purchase agreement provides that the notes will initially be convertible into common stock by the holders at $36.14 per share, which is a premium of 35% over the closing price of the common stock on Friday, October 9. “With this financing in place, we can more quickly advance our production efforts heading into 2021 by increasing our supply chain component volumes, hiring more manufacturing employees and automating certain sub-assembly processes,” said Workhorse CEO Duane Hughes. Shares of Workhorse Group are up 12%, or $3.25, to $30.02 in morning trading.

Today we :

Workhorse downgraded at Roth after Postal Service delays contract award 09:38 WKHS Roth Capital analyst Craig Irwin downgraded Workhorse Group to Neutral from Buy with a price target of $27, down from $33. The stock in early trading is down 7%, or $1.92, to $24.66. A spokesperson from the United States Postal Service told the analyst that its decision on the next generation delivery vehicle contract award will not come until the end of 2020. Irwin previously expected the decision on the $8.1B contract to be made today, October 13. The analyst, who viewed “political optics of an award before the election as essential,” now sees increased risk for Workhorse winning the contract. Irwin last week expressed confidence that Workhorse would win the $8.1B pact for 165,000 next generation delivery vehicles. The USPS “punting” on the NGDV contract award “materially” increases uncertainty for the company, Irwin tells investors in a research note. “Due to the current Cervveeezza and its impact on Postal Service and supplier operations, an award(s) is currently planned for the production phase by the end of the calendar year,” the Postal Service told the analyst in an email.

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