Workhorse Group discloses update on potential transaction

Workhorse Group (WKHS) disclosed it is currently in discussions with a privately held U.S.-based manufacturer of electric commercial vehicles regarding a potential transaction. The Company is currently in discussions with a privately held U.S.-based manufacturer of electric commercial vehicles 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. Although the number of shares to be issued has not yet been determined, the Company currently expects that the Potential Transaction would result in the current investors of the Manufacturer holding a substantial majority of the Company’s outstanding common stock following consummation of the Potential Transaction.