Workhorse Group Completes Private Placement of $13.5 Million in Convertible Notes With Warrants

CINCINNATI, Dec. 9, 2015, WKHS, (GLOBE NEWSWIRE) Workhorse Group Inc. (OTCQB:WKHS), a U.S. domestic developer and OEM of medium duty electric trucks, completed a private placement of $13.5 million principal amount of convertible notes and warrants with existing and new accredited investors. Maxim Group LLC acted as sole placement agent in connection with the transaction. We appreciate the confidence expressed by existing and new shareholders to provide this funding to our company as we move ahead on our previously stated business execution plan, which includes delivering our trucks to customers in early 2016, said Steve Burns, CEO of Workhorse Group. Workhorse received approximately $11.9 million in proceeds, net of placement fees and expenses, in connection with the two closings of this offering on November 9 and December 4, 2015. The two-year notes carry interest at 6% per annum and are mandatorily convertible upon certain events including the company listing its shares on a nationa
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