Workhorse Group Inc., a company focused on providing sustainable and cost-effective electric mobility solutions to the transportation sector, is proposing to offer and sell, subject to market conditions, shares of its common stock in an underwritten public offering.
Workhorse expects to grant the underwriter a 45-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering to cover over-allotments, if any. All of the common stock is being offered by the company.
Workhorse intends to use the net proceeds from the offering for working capital, general corporate purposes and repayment of debt and other obligations. The final terms of the offering will depend on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
National Securities Corporation, a wholly-owned subsidiary of National Holdings Corporation is acting as sole book running manager for the offering.
Workhorse Group Inc. recently reported that in real-world pilot-testing,the N-GEN all-electric delivery van has demonstrated a fuel efficiency, as expressed in miles per gallon equivalent (MPGe), that averages 40 MPGe for its 450 cubic foot electric van, and 75MPGe for its 200 cubic foot electric van, representing up to a 500% improvement versus conventional gasoline-fueled delivery vans. (Earlier post.)