Workhorse Group Increases Credit Facility to $40M, Issues Warrants

Workhorse Group Inc. amended its Cash Flow Credit Agreement with Motive GM Holdings II LLC, increasing the commitment by $10,000,000 to a total of $40,000,000. The amendment also defers interest payments on $20,000,000 of loans until after January 31, 2027. As part of the agreement, Workhorse will issue 1,500,000 warrants to MGMH to purchase common stock at an exercise price of $10.00 per share. Additionally, the company secured a deferral of rent payments for its Union City, Indiana manufacturing facility until January 31, 2027.