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Joins Workhorse's proven vehicles, manufacturing capabilities and national dealer network with Motiv's diverse product portfolio and top fleet relationships
Positions combined company to create value by offering broader portfolio of high performing commercial EVs at lower unit costs in the sizeable medium-duty truck market
Strengthens combined company's financial profile through improved operational scale and simplified capital structure
Workhorse closed today on $20M sale leaseback of Union City plant and $5M convertible note
Workhorse Group Inc. (NASDAQ:WKHS) ("Workhorse" or the "Company"), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, and Motiv Electric Trucks ("Motiv"), a leading manufacturer of medium-duty electric trucks and buses, today announced that they have entered into a definitive merger agreement to combine in a transaction that will create a leading North American medium-duty electric truck OEM.
Under the terms of the merger agreement, following the completion of the all-stock transaction, Motiv's controlling investor will become the majority owner of the combined company and Workhorse shareholders will maintain a significant equity stake. In connection with the merger agreement, Workhorse has completed a sale leaseback ("SLB") and obtained convertible note financing. The transactions value the combined company at approximately $105 million.
Posted In: WKHS
