Info
Info

Workhorse Group secures $25 million financing

News

Workhorse Group Inc., an American technology company focussed on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has entered into subscription agreements for a private offering with a group of institutional investors, resulting in gross proceeds to the company of $25 million.

Info

Under the terms of the agreements, the investors acquired shares of Series B preferred stock and warrants to purchase common stock. The Series B preferred stock is not convertible, but the holders are entitled to annual dividends payable in shares of common stock.

The closing with respect to approximately $15,000,000 occurred on May 31, 2019, and the balance of approximately $10,000,000 will close on June 10, 2019. The proceeds will be used for general working capital and research and development, allowing the company to focus on finalising the R&D associated with the N-GEN followed by production of the existing contracted backlog.

“This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog and will enable us to make significant strides in our strategic vision of being a leader in the electric last mile delivery space,” said Company CEO Duane Hughes. “We now have all necessary pieces in place to bridge Workhorse into full-scale N-GEN production and are looking forward to commencing the manufacturing process, in earnest, during the fourth quarter of this year.”

Separately, on April 23, 2019, Workhorse also terminated its preexisting At-the-Market (ATM) Offering Sales Agreement with Cowen and Company, which had been in place since June 2017.


The Latest News, Brought To You By
Workhorse Group secures $25 million financing
Modified on Wednesday 12th June 2019
Find all articles related to:
Workhorse Group secures $25 million financing
TaaS Technology Magazine
Info
Mahindra To Launch Three EVs In India By 2021
Opel Becomes The First Car Manufacturer To Offer An Electric Rally Car
EasyMile’s EZ10 Driverless Shuttle Debuts In Renmark, Australia
TomTom Launches New APIs To Beat EV Range Anxiety
Waymo Shares Its Self-driving Data For Research
Hyundai Teases The EV Concept『45』destined For The Frankfurt Motor Show
BYD Showcases Its Luxury SUV At Pebble Beach
ElectraMeccanica Appoints Former Tesla Executive As Director Of Sales
Unex V2X System-on-Module Integrated With NoTraffic Smart Traffic Management Platform
EVgo, Electrify America Join Forces To Increase Accessibility Of EV Public Charging In The US
Steven Armstrong To Succeed Nigel Harris As President Of Changan Ford JV
Yandex To Deploy Up To 1,000 Self-driving Cars In The Next Two Years
Porsche Reveals The Interiors Of The Much Awaited All Electric Taycan
Moixa And EO Partner To Develop Solar Home Charging Solution
Rad Power Bikes Builds Their Most Affordable And Adaptable Ebike
AGL Announces New Instrument Cluster Expert Group And UCB 8.0 Code Release
Waymo Begins Testing Its Autonomous Vehicles In Florida
Volvo Adds A PHEV Option For Its S60 Sedan Range
Volkswagen Begins Expansion EV Charging Stations At Its German Sites
BMW Group Pilot Plant Builds BMW INext Prototypes
Peugeot Opens The Order Books For E-208
CUPRA Reveals The Interior Of Its All Electric Concept
Volocopter Reveals Design For New Urban Air Mobility Aircraft
Melinda Roylett Appointed The Head Of Uber In Britain And Ireland
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}