Workhorse Group Announces 1-for-20 Reverse Stock Split

Core Points - Workhorse Group Inc. will implement a 1-for-20 reverse stock split of its common stock effective June 17, 2024, to comply with Nasdaq's minimum bid price requirement [5][6]. - The reverse stock split aims to increase the market price of Workhorse's common stock to at least $1.00 per share for a minimum of ten consecutive trading days by September 16, 2024 [6]. - The reverse stock split will automatically combine every 20 shares into one share, affecting all stockholders uniformly without altering their percentage ownership interest [7]. Company Overview - Workhorse is a technology company focused on electric vehicles for the last-mile delivery sector, designing and building high-performance, battery-electric trucks [3]. - The company also develops cloud-based telematics performance monitoring systems integrated with its vehicles to optimize energy and route efficiency [3]. - Workhorse aims to enhance the efficiency of moving people and goods while minimizing environmental impact [3].