Workhorse Group (WKHS) Company Report

Workhorse Group Inc. and Motiv Electric Trucks completed their merger on December 15, 2025, forming a combined entity named Workhorse that will trade on Nasdaq under "WKHS".
The company secured up to $50 million in new debt financing, comprising a $10 million revolving credit facility and up to $40 million for supply-chain related costs for new purchase orders.
Workhorse completed the repayment of its 2024 Notes and cancelled 2024 Warrants, retaining approximately $6.6 million after fees and expenses.
A 1-for-12 reverse stock split of its Common Stock was effected.
The combined company's manufacturing facility in Indiana has an annual nameplate capacity of over 5,000 vehicles.

Dec 15, 2025, 9:35 PM

8-K

Workhorse Shareholders Approve Merger with Motiv Electric Trucks

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M&A

Proxy Vote Outcomes

Debt Issuance

Workhorse Group Inc. shareholders approved the merger with Motiv Electric Trucks at the 2025 Annual Meeting held on November 25, 2025.
The transaction is expected to close in the coming weeks, subject to customary closing conditions, including the entrance into a new debt financing facility and approval from Nasdaq.
Shareholders also approved the issuance of shares related to the Merger Agreement, Repayment Agreement, and Convertible Note.
A reverse stock split of the outstanding shares by a ratio of any whole number between 1-for-8 and 1-for-12 was approved, to be determined by the Board prior to June 30, 2026.

Nov 25, 2025, 9:05 PM

8-K

Workhorse Stockholders Approve Key Proposals and Motiv Transaction

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Proxy Vote Outcomes

M&A

Delisting/Listing Issues

Workhorse stockholders approved all presented proposals at the 2025 Annual Meeting, including the Stock Issuance Proposal, Reverse Stock Split Proposal, Incentive Plan Proposal, Director Election Proposal, Say-on-Pay Proposal, Auditor Ratification Proposal, and Adjournment Proposal.
The Reverse Stock Split Proposal allows for a ratio between one for eight and one for twelve at the Board's discretion, to be implemented by June 30, 2026.
The Incentive Plan Proposal was approved, increasing the number of shares available for equity awards by an additional 1,500,000 shares.
The Motiv transaction, which was approved by shareholders, is expected to close during the fourth quarter of 2025, subject to customary closing conditions and meeting Nasdaq new listing criteria.

Nov 25, 2025, 3:00 PM

Transcript

Workhorse Stockholders Approve Key Proposals and Motiv Transaction

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M&A

Proxy Vote Outcomes

Board Change

Workhorse stockholders approved all seven proposals presented at the 2025 Annual Meeting, with preliminary results indicating approval.
Key approvals include the Stock Issuance Proposal, the Reverse Stock Split Proposal (with a ratio between one for eight and one for twelve), and the Incentive Plan Proposal to increase shares available for equity awards by an additional 1,500,000 shares.
The Motiv transaction received shareholder approval and is expected to close during the fourth quarter of 2025, contingent on customary closing conditions and meeting NASDAQ new listing criteria.
Eight directors were elected to serve on the Board until the 2026 Annual Meeting, and the appointment of BDO USA, LLP as independent auditors for fiscal year 2025 was ratified.

Nov 25, 2025, 3:00 PM

Transcript

Workhorse Group Reminds Shareholders to Vote on Motiv Transaction

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M&A

Proxy Vote Outcomes

Workhorse Group (WKHS) is urging shareholders to vote FOR its transaction with Motiv at the upcoming Annual General Meeting on November 25, 2025.
Shareholders of record as of September 18, 2025, are eligible to vote, with the deadline for advance voting set for November 24, 2025, at 11:59 pm ET.
The company stresses the importance of reaching quorum to finalize the transaction, warning that a failure to vote could result in a standalone path and a significant loss of investment value.

Nov 18, 2025, 3:00 PM

Press Release

Workhorse Group Reminds Shareholders to Vote for Motiv Transaction Ahead of Adjourned Annual Meeting

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M&A

Proxy Vote

Workhorse Group is urging shareholders to vote FOR all proposals, particularly the Motiv transaction, ahead of its 2025 Annual General Meeting, which has been adjourned to November 25, 2025.
Shareholders of record as of September 18, 2025, are entitled to vote.
The company warns that failure to vote FOR the Motiv merger could lead to a standalone path, potential restructuring, and a likely loss of investment value for Workhorse shareholders.
Voting FOR the transaction offers shareholders a significant ownership stake and potential upside in the combined company, aiming to be a leader in the medium-duty EV commercial vehicle market.

Nov 13, 2025, 3:30 PM

Press Release

Workhorse Group Adjourns Annual Meeting to Secure Votes for Motiv Transaction

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M&A

Proxy Vote Outcomes

Workhorse Group Inc. (WKHS) adjourned its 2025 Annual General Meeting of Shareholders until November 25, 2025, at 10:00 a.m. Eastern Time.
The adjournment was necessary because quorum had not been reached, despite votes received thus far being strongly in favor of all nine proposals, including the proposed merger with Motiv Power Systems, Inc..
The company is urging shareholders to vote FOR the Workhorse – Motiv transaction and the other eight proposals, stating that if shareholders do not vote for all proposals, the transaction with Motiv will not close, and Workhorse will continue as an independent company.
Leading independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co., have both recommended shareholders vote FOR the merger.

Nov 12, 2025, 2:10 PM

8-K

Workhorse Group Adjourns Annual Meeting to Secure Votes for Motiv Transaction

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M&A

Proxy Vote Outcomes

Workhorse Group (WKHS) has adjourned its 2025 Annual General Meeting of Shareholders until November 25, 2025, at 10:00 a.m. Eastern Time, to provide shareholders more time to vote on the proposals.
The adjournment is due to a lack of quorum, even though votes received are strongly in favor of all nine proposals, including the Workhorse – Motiv transaction.
The company stressed that if shareholders do not vote for all proposals, the transaction with Motiv will not close, and Workhorse will continue as an independent company.
Both Institutional Shareholder Services and Glass Lewis & Co., leading independent proxy advisory firms, have recommended that shareholders vote FOR the merger.

Nov 12, 2025, 2:10 PM

Press Release

Workhorse Group Reports Q3 2025 Results and Progress on Motiv Merger

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Earnings

M&A

New Projects/Investments

Workhorse Group reported Q3 2025 sales of $2.4 million and a net loss of $7.8 million, a significant improvement from the $25.1 million net loss in Q3 2024.
The company's cash and cash equivalents increased to $38.2 million as of September 30, 2025, bolstered by $25 million in funding from Motiv's controlling investor, including a $20 million sale-leaseback and a $5 million secured convertible note.
Workhorse announced a definitive agreement to combine with Motiv Electric Trucks, with the transaction anticipated to close in Q4 2025 subject to shareholder approval at the annual meeting on November 12th.
During Q3 2025, the company sold 15 trucks and reduced operating expenses by $1.2 million year-over-year through disciplined cost management.

Nov 11, 2025, 3:00 PM

Transcript

Workhorse Reports Q3 2025 Results and Progresses on Motiv Merger

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Earnings

M&A

Debt Issuance

Workhorse reported a net loss of $(7.8) million or $(0.50) per share for Q3 2025, an improvement compared to a net loss of $(25.1) million or $(19.00) per share in Q3 2024.
Net sales for Q3 2025 were $2.4 million, a slight decrease from $2.5 million in Q3 2024, with 15 trucks sold during the quarter.
Operating expenses were reduced by approximately $1.2 million year-over-year for Q3 2025.
The company announced a definitive merger agreement with Motiv to broaden its product portfolio and create a leading North American medium-duty commercial EV OEM.
To strengthen its financial position, Workhorse completed a $20 million sale-leaseback of its Union City facility and $5 million convertible note financing.