With just $62.4 million in cash on its balance sheet, Workhorse Group desperately needs shareholders to agree to dilute their holdings by authorizing a near doubling of shares in the electric vehicle maker.
Workhorse is using a proxy solicitation firm to corral votes in favor of the measure. It needs 50% plus one of all outstanding shares to pass the measure. Workhorse is seeking to increase the number of authorized shares to 450 million from 250 million in a special shareholder meeting on Aug....
https://www.freightwaves.com/news/cash-starved-workhorse-group-seeks-to-create-new-shares