Workhorse Files 8-K on Material Agreement; Details Undisclosed

TL;DR

**Workhorse signed a big deal, but they're not telling us what it is yet.**

AI Summary

Workhorse Group Inc. filed an 8-K on February 1, 2024, reporting an event on January 31, 2024, concerning an 'Entry into a Material Definitive Agreement.' While the filing confirms the existence of such an agreement, it does not disclose the specific details, parties, or financial terms of this agreement. This matters to investors because the lack of specific information about a 'material definitive agreement' creates uncertainty, making it difficult to assess the potential impact on the company's future operations, financial health, or stock value.

Why It Matters

This filing signals a significant, but currently unknown, business development for Workhorse Group Inc. Investors need to monitor for further disclosures to understand the implications for the company's future performance and stock price.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement without providing details, creating uncertainty and potential for both positive and negative impacts on the stock.

Analyst Insight

A smart investor would hold off on making significant decisions until more details about the 'Material Definitive Agreement' are disclosed, as the current information is too vague to assess impact.

Key Players & Entities

• Workhorse Group Inc. (company) — the registrant filing the 8-K
• January 31, 2024 (date) — date of the earliest event reported
• February 1, 2024 (date) — date the 8-K was filed

Forward-Looking Statements

• Workhorse Group Inc. will file another 8-K or press release within the next 30 days to disclose the specific details of the 'Material Definitive Agreement.' (Workhorse Group Inc.) — medium confidence, target: 2024-03-01

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share WKHS The Nasdaq
• $34.5 million — ore fees and expenses, of approximately $34.5 million. Pursuant to the Sale Agreement and u
• $3.375 million — l pay base annual rent of approximately $3.375 million for the Property, subject to an annual

Filing Documents

• ea192574-8k_workhorse.htm (8-K) — 34KB
• ea192574ex10-1_workhorse.htm (EX-10.1) — 193KB
• 0001213900-24-008552.txt ( ) — 449KB
• wkhs-20240131.xsd (EX-101.SCH) — 3KB
• wkhs-20240131_lab.xml (EX-101.LAB) — 33KB
• wkhs-20240131_pre.xml (EX-101.PRE) — 22KB
• ea192574-8k_workhorse_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. On January 31, 2024, in connection with the sale and leaseback transaction described herein, a subsidiary of Workhorse Group Inc. (the "Company") entered into a Purchase and Sale Agreement (the "Sale Agreement") with William Repny LLC (the "Purchaser") for the sale of its Union City, Indiana manufacturing facility and campus, excluding any equipment or fixtures used in manufacturing operations (the "Property"), to Purchaser for a purchase price, before fees and expenses, of approximately $34.5 million. Pursuant to the Sale Agreement and upon the closing of the sale of the Property, the Company will lease back the Property from the Purchaser under a triple-net lease agreement (the "Lease") for an initial term of 20 years. The Company will have the option to renew the Lease for three additional 10-year renewal terms, subject to the terms of the Lease. Under the Lease, the Company will pay base annual rent of approximately $3.375 million for the Property, subject to an annual increase of 3% during the initial term of the lease and certain additional increases during any renewal term. In addition to rent, the Company will be responsible for all costs and expenses related to the Property, including, without limitation, maintenance, operation, repair and replacement of buildings and improvements, utility charges, insurance premiums and real estate taxes and assessments. The closing is subject to Purchaser performing satisfactory due diligence on the Property, obtaining financing and other customary closing conditions. There is no assurance at this time that the Purchaser will purchase the Property. The Company plans to use the proceeds for general corporate purposes. The above description of the terms of the sale and leaseback transaction does not purport to be complete and is qualified in its entirety by the full text of the Sale Agreement which is filed as an exhibit to this Current Report on Form 8-K. T

01

Item 9.01. Exhibits. Exhibit No. Description 10.1 Purchase and Sale Agreement. 104 Cover page from this Current Report on Form 8-K, formatted as Inline XBRL. 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WORKHORSE GROUP INC. Date: January 31, 2024 By: /s/ James D. Harrington Name: James D. Harrington Title: General Counsel, Chief Compliance Officer and Secretary 2

View Full Filing

View this 8-K filing on SEC EDGAR