Statement of Ownership (sc 13g)
January 07 2019 - 4:51PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE 13G
(Amendment
No. ___)*
Under the
Securities Exchange Act of 1934
Workhorse
Group Inc.
|
(Name
of Issuer)
|
Common
Stock, par value $0.001 per share
|
(Title
of Class of Securities)
|
98138J206
|
(CUSIP
Number)
|
December
31, 2018
|
(Date
of Event Which Requires Filing of this Statement)
|
Check the appropriate box to designate
the rule pursuant to which this Schedule 13G is filed:
[ ] Rule
13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule
13d-1(d)
*The
remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided
in a prior cover page.
The information
required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934 (“
Act
”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP
NO.
98138J206
|
(1) Names of Reporting Persons. I.R.S.
Identification Nos. of Above Persons (entities only):
|
|
Marathon
Asset Management, L.P.
|
|
(2) Check
the Appropriate Box if a Member of a Group
|
(a) [ ]
|
|
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(b) [ ]
|
|
|
|
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(3) SEC
Use Only
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(4) Citizenship or Place of
Organization
|
|
Delaware,
United States
|
|
Number
of Shares Beneficially Owned By Each Reporting Person With:
|
(5) Sole
Voting Power:
|
8,053,390*
|
|
(6) Shared
Voting Power:
|
0*
|
|
(7) Sole
Dispositive Power:
|
8,053,390*
|
|
(8) Shared
Dispositive Power:
|
0*
|
|
|
|
|
|
|
|
|
|
|
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(9) Aggregate
Amount Beneficially Owned by Each Reporting Person:
|
8,053,390*
|
|
(10) Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions): [ ]
|
(11) Percent
of Class Represented by Amount in Row (9):
|
12.14%*
|
|
(12) Type
of Reporting Person (See Instructions): IA
|
*See Item 4
below.
Item
1(a). Name Of Issuer
|
|
|
Workhorse
Group Inc.
|
|
Item
1(b). Address of Issuer’s Principal Executive Offices
|
|
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100 Commerce Drive
Loveland, Ohio 45140
|
|
Item
2(a). Name of Person(s) Filing
|
|
|
Marathon
Asset Management, L.P.
|
|
Item 2(b). Address
of Principal Business Office or, if None, Residence
|
|
|
One Bryant Park, 38th Floor
New York, New York 10036
|
|
Item 2(c). Citizenship
|
|
|
Delaware,
United States of America
|
|
Item 2(d). Title
of Class of Securities
|
|
|
Common Stock,
par value $0.001 per share
|
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Item 2(e). CUSIP
Number
|
|
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98138J206
|
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Item
3. If this Statement is Filed Pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the Person
Filing is a:
|
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Not Applicable.
|
|
|
|
|
|
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(a) Amount Be
neficially
Owned:
|
8,053,390
(1)
|
|
|
(b) Percent
of Class:
|
12.14%
(2)
|
|
|
|
|
|
|
|
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(c) Number
of Shares as to which such person has:
|
|
|
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(i) Sole
power to vote or to direct the vote:
|
8,053,390
(1)
|
|
|
(ii) Shared
power to vote or to direct the vote:
|
0
|
|
|
(iii) Sole
power to dispose or to direct the disposition of:
|
8,053,390
(1)
|
|
|
(iv) Shared
power to dispose or to direct the disposition of:
|
0
|
|
|
|
|
|
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__________________
(1) The
common shares, par value $0.001 per share, of Workhorse Group Inc., a Nevada corporation (the “
Company
”), reported
herein are issuable upon the exercise of warrants (the “
Warrants
”) issued by the Company on December 31, 2018
to funds (the “
Funds and Accounts
”) which are managed by Marathon Asset Management, L.P. (“
Marathon
”).
The Warrants are exercisable at a price of $1.25 per share beginning on the issuance date and expiring on December 31, 2023.
The general partner
of Marathon is Marathon Asset Management GP, L.L.C. (the “
General Partner
”). Bruce Richards and Louis Hanover
are the managing members of the General Partner. This report shall not be deemed to be an admission that Marathon, the General
Partner, Messrs. Richards or Hanover, the Funds and Accounts or any other person is the beneficial owner of the securities reported
herein for purposes of Section 13 of the Exchange Act, or for any other purpose.
|
(2)
|
Based upon 58,270,934 shares of the Company’s common stock outstanding as of December 31,
2018, as represented by the Company in Section 10(e) of each Warrant and as of December 21, 2018, as reported in the Company’s
Registration Statement on Form S-3 (File No. 333-229024), which the Company filed with the Securities and Exchange Commission on
December 26, 2018.
|
Item 5. Ownership of Five Percent or Less of a Class
|
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ ].
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Item 6. Ownership of More Than Five Percent on Behalf of Another Person
|
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Not Applicable.
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Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company
|
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Not Applicable.
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Item 8. Identification and Classification of Members of the Group
|
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Not Applicable.
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Item 9. Notice of Dissolution of Group
|
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Not Applicable.
|
|
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Item 10. Certification
|
By signing below below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other
than activities solely in connection with a nomination under Exchange Act Rule 14a-11.
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SIGNATURE
After reasonable
inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.
Dated: January 7, 2019
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MARATHON ASSET MANAGEMENT, L.P.
|
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By: Marathon Asset Management GP, L.L.C.,
its general partner
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By:
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/s/ Andrew Rabinowitz
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Name: Andrew Rabinowitz
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Title: Authorized Person
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Attention: Intentional misstatements or omissions
of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
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