Workhorse Group

Workhorse reports Q3 loss, may sell drone business

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Workhorse Group reported lower-than-expected revenue and another loss in the third quarter, this...

https://www.freightwaves.com/news/workhorse-reports-q3-loss-may-sell-drone-business

Lordstown Motors founder buys company assets out of bankruptcy

The soap opera that is Lordstown Motors is taking yet another unusual turn. The company founder and former CEO is paying $10 million to buy the electric pickup maker’s assets out of bankruptcy.

Lordstown’s “selling entities” said in a Securities and Exchange Commission filing Friday that Steve Burns made the only qualified bid for the assets. Burns founded the company in 2019 and brought it public through a merger with a special purpose acquisition company in 2020.

Burns and former Chief...

https://www.freightwaves.com/news/lordstown-motors-founder-buys-company-assets-out-of-bankruptcy

Workhorse shareholders back management’s new stock gambit

Workhorse Group now has the financial flexibility to issue new stock and raise capital for the scaling of its electric truck makeover.

The Cincinnati-based company came very close to approval after counting 49.68% favorable proxies earlier in the week. On Friday, Workhorse said it had received more than required the 50% of outstanding shares to raise the authorized share count to 450 million shares from 200 million.

“We appreciate the support of our stockholders, which will enable us to fund...

https://www.freightwaves.com/news/workhorse-shareholders-back-managements-new-stock-gambit

Workhorse falls short on votes to increase share count

Workhorse Group fell short in its first try at getting shareholders to more than double the number of authorized shares in the electric step van manufacturer.

The Cincinnati-based company will count proxies again on Friday. It hopes for approval that would to sell up to 250,000 new shares of stock to raise capital. The move would dilute the value of shares held by current investors as new shares are registered.

Workhorse has endured a difficult existence, running short on money several times. It...

https://www.freightwaves.com/news/workhorse-falls-short-on-votes-to-increase-share-count

Cash-poor transportation startups gambling for fresh capital

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As transportation and electrification startups struggle to raise capital, they are increasingly...

https://www.freightwaves.com/news/cash-poor-transportation-startups-gambling-for-fresh-capital

Cash-starved Workhorse Group seeks to create new shares

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

Carnage grows among transportation startups

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In the world of electric vehicle and autonomous trucking startups, the picture of winners and losers...

https://www.freightwaves.com/news/carnage-grows-among-transportation-startups

Workhorse Group Q1 loss grows but makeover nears completion

Workhorse Group reported a larger loss in the first quarter and is short on cash. But it made progress toward ramping up Class 4 electric stepvans and chassis cabs.

The Cincinnati-based company is slowly emerging from an extensive and expensive overhaul led by CEO Rick Dauch. Since he joined the company in August 2021, he has:

  • Fired several top executives, replacing them with automotive industry veterans and veteran automotive engineers.
  • Used company shares to pay off a hedge fund, leaving the...

https://www.freightwaves.com/news/workhorse-group-q1-loss-grows-but-makeover-nears-completion

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