UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | OTHER EVENTS |
On September 22, 2021, Workhorse Group Inc. (the “Company”) announced that it decided to suspend deliveries of C-1000 vehicles and recall the 41 vehicles it has already delivered to customers. The New Workhorse leadership team determined that additional testing and modifications to existing vehicles are required to bring the C-1000 vehicles into full compliance with Federal Motor Vehicle Safety Standards (“FMVSS”). The Company further announced that it filed a report with the National Highway Traffic Safety Administration (“NHTSA”) regarding the need for additional testing and vehicle modifications to bring its C-1000 vehicles into full compliance with FMVSS. The Company indicated that its previous statements related to the C-1000’s compliance with NHTSA standards cannot be relied upon and that it had so notified the Securities and Exchange Commission (“SEC”). The Company is cooperating with NHTSA to execute the recall needed to address the FMVSS issues.
On October 19 and November 1, 2021, the Company received letters from the SEC requesting that it voluntarily provide information relating to (a) the events and trading in its securities leading up to the announcement of the award of a contract by the U.S. Postal Service for the manufacture of a postal service vehicle fleet and (b) recognition of revenue, if any, related to purchases of vehicles by certain of the Company’s customers. On November 5, 2021, the Department of Justice (“DOJ”) orally informed the Company that it has a related open investigation covering the Company. The Company has not received any subpoena or other request for documents from the DOJ with respect to this investigation. The Company is cooperating with the SEC and DOJ investigations.
At this point, the Company cannot predict the eventual scope, duration, or outcome of the above matters.
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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: November 8, 2021 | By: | /s/ James D. Harrington |
| James D. Harrington | ||
| Chief Administrative Officer, General Counsel and Secretary |
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