CINCINNATI, Sept. 14, 2017 /PRNewswire/ -- Workhorse Group
Inc. (NASDAQ: WKHS), a Cincinnati-based technology company focused on
providing electric mobility solutions to the transportation sector,
announced today the pricing of 3,749,996 shares of its common stock
and accompanying warrants to purchase .75 of a share of common
stock for each share purchased at a price to the public of
$3.20. The warrants are exercisable
at an exercise price of $3.80 per
share beginning on the date of issuance and will expire on the
fifth anniversary of the date of issuance. All of the shares and
warrants in the offering are to be sold by
Workhorse. The shares and warrants will be issued
pursuant to a prospectus supplement filed as part of a shelf
registration statement previously filed with the Securities and
Exchange Commission (SEC) on Form S-3. Workhorse anticipates that
its aggregate net proceeds from the offering will be approximately
$11.2 million after deducting the
underwriting discount and estimated offering expenses payable by
Workhorse. The offering is expected to close on or about
September 18, 2017, subject to
customary closing conditions. Cowen is acting as the sole
book runner of the offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. This press release is being issued pursuant to and in
accordance with Rule 134 under the Securities Act of 1933, as
amended. Any offer, if at all, will be made only by means of a
prospectus supplement and accompanying prospectus forming a part of
the effective registration statement. Copies of the final
prospectus supplement and accompanying prospectus relating to the
offering may be obtained, when available, from the offices of Cowen
and Company, LLC, c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, NY,
11717, Attn: Prospectus Department, or by calling (631)
274-2806. Workhorse intends to file a final prospectus
supplement relating to the offering with the SEC, which will be
available along with the prospectus filed with the SEC in
connection with the shelf registration, on the SEC's website at
http://www.sec.gov/.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing electric
mobility solutions to the transportation sector. As an American
original equipment manufacturer, we design and build high
performance battery-electric vehicles including trucks and
aircraft. We also develop cloud-based, real-time telematics
performance monitoring systems that are fully integrated with our
vehicles and enable fleet operators to optimize energy and route
efficiency. All Workhorse vehicles are designed to make the
movement of people and goods more efficient and less harmful to the
environment. For additional information visit
www.workhorse.com.
Forward-Looking Statements
The statements contained herein concerning Workhorse's
expectations regarding the completion, size and terms of the
proposed public offering and the anticipated net proceeds therefrom
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based on
assumptions that may not prove accurate. Actual results
could differ materially from those anticipated due to certain
risks, including the proposed offering is subject to the
satisfaction of customary closing conditions. There can
be no assurance that Workhorse will be able to complete the public
offering on the anticipated terms, or at all. Risks and
uncertainties relating to Workhorse and this offering can be found
in the "Risk Factors" section of the prospectus supplement related
to the proposed offering to be filed with the SEC. Workhorse
undertakes no duty or obligation to update any for-ward-looking
statements contained in this release as a result of new
information, future events or changes in Workhorse's
expectations.
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SOURCE Workhorse Group Inc.