Workhorse Highlights Why Stockholders Should Vote FOR Proposal to Increase Workhorse’s Authorized Shares
CINCINNATI, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today mailed an infographic to stockholders that can be found at www.VoteWKHS.com ahead of the Company’s stockholder webcast on August 24, 2023 and upcoming Special Meeting on August 28, 2023.
The infographic highlights a few key questions the Company has received regarding the proposal to increase the Workhorse’s authorized shares of common stock, including:
Why are you seeking to increase the authorized shares of Workhorse common stock?
Simply put, we need to fund our business. To do so, we need access to additional equity so we can obtain new financing. We have been strategic in approaching our balance sheet and financing efforts to date and with this proposal our objective is to issue the shares we need to so we can fund the Company’s operations.
What will Workhorse use the additional capital for?
Workhorse plans to use these funds to advance our commercial EV product roadmap, grow our Aero business and invest in our facilities and other initiatives. Specifically, we plan to use the financing toward working capital, operating expenses and capital expenditures needs.
Upcoming Stockholder Q&A Webcast
Workhorse is holding a webcast to discuss the Special Meeting and answer stockholder questions on August 24, 2023 at 10:00 AM ET, with Workhorse CEO, Rick Dauch, and CFO, Bob Ginnan.
This event is an opportunity for stockholders, both large and small, to ask questions regarding the Company’s long-term strategy, product roadmap, financial position and the proposal to increase the number of authorized shares of Workhorse common stock.
Workhorse stockholders can submit questions to [email protected] by 5:00 PM ET on August 23, 2023. To access the webcast, go to www.VoteWKHS.com. A replay will be available for two weeks after the completion of the webcast.
VOTE TODAY TO HELP WORKHORSE BUILD A FINANCIAL BRIDGE TO CONTINUED GROWTH AND LONG-TERM STOCKHOLDER VALUE
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.
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:
FORWARD LOOKING STATEMENTS
This 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, 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, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, filed with the SEC on August 14, 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.
Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
Released August 17, 2023