Workhorse Group announces agreement with U.S.-based manufacturer of EV

Workhorse Group (WKHS) announced it has entered into a new exclusivity agreement with a privately held U.S.-based manufacturer of electric commercial vehicles in connection with a previously disclosed potential transaction. As previously announced, the Company is currently in discussions with the Manufacturer about a potential transaction in which the Manufacturer would be merged into a newly created subsidiary of the Company in exchange for newly issued shares of the Company’s common stock. On July 28 the Restrictions under the Prior Exclusivity Agreement expired. On August 4 the Company entered into a new Exclusivity Agreement, which put the Restrictions on the Company from the Prior Exclusivity Agreement back into place for a period of seven days.