Workhorse Group announces 1-for-12.5 reverse stock split

Workhorse Group (WKHS) will effect a 1-for-12.5 reverse stock split of its authorized shares and issued and outstanding shares of common stock, par value $0.001 per share. The common stock will continue to be traded on Nasdaq under the symbol “WKHS” and will begin trading on a reverse split-adjusted basis when the market opens on March 17, 2025. The reverse stock split is intended to increase the market price of Workhorse’s common stock to regain compliance with the minimum bid price requirement for continued listing on Nasdaq, but there can be no assurance that the reverse split will have such effect. Workhorse has until March 31, 2025 to comply with this requirement and must see a closing bid price of its common stock of at least $1.00 per share for a minimum of ten consecutive trading days by this date. As a result of the reverse stock split, every 12.5 shares of the Company’s common stock will automatically be combined into one share of common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage ownership interest in the Company’s equity, except for immaterial adjustments that may result from the treatment of fractional shares as described below. No fractional shares will be issued in connection with the reverse stock split, and fractional shares resulting from the Reverse Split will be rounded up to the nearest whole share.