Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”),
an American technology company focused on pioneering the transition
to zero emission commercial vehicles, yesterday, held a webcast to
answer stockholder questions in advance of the Company’s upcoming
Special Meeting scheduled for August 28, 2023. A replay of the
webcast will be available on www.VoteWKHS.com.
The webcast included a question-and-answer session during which
Workhorse Chief Executive Officer, Rick Dauch, and Workhorse Chief
Financial Officer, Bob Ginnan, answered questions covering topics
including rationale for the share authorization proposal, intended
use for these funds, confidence in the Company’s financial targets,
EV and Aero production and development plans and corporate
governance.
Highlights from the webcast include the following commentary
from management:
Workhorse’s intended use for the proceeds raised from
the share issuance…
“We need additional capital to fund
our next phase of execution. From a position of strength, we’re
exploring several financing options. Those options will only be
available to us if shareholders vote FOR the proposal. Primarily,
we will use the proceeds to expand and advance our product
roadmaps, continue to support our Aero business as it goes into
production and continue to invest in supplier tooling and assembly
equipment as we move into production of the W56.” - Rick Dauch
The plan for value creation…
“Simply put, we need our stockholders
to help us build a bridge to long-term growth and stockholder
value. We need to be able to issue shares to get financing so we
can fund our execution and our growth plans. We’re confident the
important work underway and the progress we are making across our
EV portfolio will deliver value to shareholders over the
long-term.” – Bob Ginnan
Workhorse’s plans to achieve 2023 revenue
guidance…
“We have three clear, actionable
priorities for the remainder of the year. Secure the HVIP voucher
process in California - that is a critical enabler for us; sell the
W4 CCs - based on input from dealer meetings we’ve had the last few
weeks, we think we can do so; and ramp up W750 production.” – Rick
Dauch
The Company’s belief in selling every truck it
makes…
“I believe that [we can sell every
truck we make]. I say that not based on my opinion or dream, but
based on the feedback we’re getting from our dealers.” – Rick
Dauch
Why stockholders should vote FOR the
proposal…
“We’re on the precipice of success
here at Workhorse. The market shift to EV is coming. It is coming
slower that we thought or than anybody forecasted, and we need your
help to extend our runway to get there. If you look at the CARB
rules and the clean fleet rules specifically, by 2030 50% of all
the Class 4-6 step van vehicles will be EV. We are positioning
ourselves to ride that wave.” – Rick Dauch
THE TIME IS NOW - VOTE TODAY TO SUPPORT
WORKHORSE’S PLANS FOR GROWTH AND VALUE CREATION
The Special Meeting is scheduled to be held on August 28, 2023.
Workhorse stockholders of record at the close of business on July
10, 2023 (the “Record Date”), are entitled to vote at or in advance
of the special meeting. Workhorse stockholders can visit
www.VoteWKHS.com for additional information on the upcoming Special
Meeting and proposal.
Holders of a majority of ALL our shares of common stock are
required to vote in favor of this proposal for it to be approved.
Because of this, it is imperative that every stockholder who wants
Workhorse to be able to achieve the goals described above vote
their shares FOR the proposal today.
Please follow the instructions shown on the proxy card or voting
instruction form to vote your shares today. You can vote online or
by phone until 11:59 P.M. ET on August 27, 2023. Or you can sign
and mail in your proxy card.
Stockholders who have questions or need assistance voting your
shares, please contact Morrow Sodali, Workhorse’s proxy
solicitor:
Phone:
800-607-0088wkhs.info@investor.morrowsodali.com
About Workhorse Group Inc.Workhorse is a
technology company focused on providing ground and air-based
electric vehicles to the last-mile delivery sector. As an American
original equipment manufacturer, we design and build high
performance, battery-electric trucks and drones. Workhorse also
develops 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 workhorse.com.
FORWARD LOOKING STATEMENTSThis communication
contains certain forward-looking statements within the meaning of
federal securities laws with respect to Workhorse Group Inc. (the
“Company”), including statements relating to the amendment of our
Articles of Incorporation in Nevada and its potential impact on the
Company’s ability to obtain financing, build its offerings of
commercial electrical vehicles, expand its aerospace business, and
capture additional avenues for growth. Forward-looking statements
are predictions, projections, and other statements about future
events based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: changes in voting and the actual vote counts on the day
of the annual meeting; the availability of and need for capital;
and the factors, risks and uncertainties regarding the Company’s
business described in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022, filed with the Securities and Exchange Commission (the “SEC”)
on March 1, 2023, and the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2023, filed with the SEC on
May 15, 2023. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Media Contact:Aaron Palash / Greg KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
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