Latest news with #WorkhorseGroup
Globe and Mail
8 hours ago
- Business
- Globe and Mail
WKHS Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of Workhorse Group Inc. Is Fair to Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Workhorse Group Inc. (NASDAQ: WKHS) and Motiv Electric Trucks is fair to Workhorse shareholders. Upon completion of the proposed transaction, Workhorse shareholders will own approximately 26.5% of the combined company. Halper Sadeh encourages Workhorse shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@ or zhalper@ The investigation concerns whether Workhorse and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Workhorse shareholders; and (2) disclose all material information necessary for Workhorse shareholders to adequately assess and value the merger consideration. On behalf of Workhorse shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
Yahoo
a day ago
- Automotive
- Yahoo
Workhorse Stock Slips As Merger With Motiv Sparks Dilution Concerns
Workhorse Group (NASDAQ:WKHS) stock is trading lower on Friday despite upbeat second-quarter results and its Motiv Electric Trucks merger deal. The company reported second-quarter sales of $5.7 million, up by 573.0% year-over-year, topping the analyst consensus estimate of $2.3 million. However, it struggled for profitability, reporting quarterly EPS loss of $1.67, beating the analyst consensus estimate loss of $ of sales rose 78.8% to $13.1 million. Loss from operations improved to $(14.5) million from $(20.5) million a year ago. As of June 30, 2025, the company held $2.2 million in cash and equivalents. Workhorse CEO Rick Dauch noted the company shipped a record 32 trucks in the quarter, fueled by the strong performance of its W56 step vans. Dauch said the company also reached an agreement to merge with Motiv Electric Trucks to form a leading North American medium-duty electric truck OEM. Workhorse and Motiv Electric Trucks signed a definitive all-stock merger agreement to form a leading North American medium-duty electric truck OEM valued at approximately $105 million. View more earnings on WKHS Under the deal, Motiv's controlling investor will own about 62.5% of the combined company, Workhorse shareholders will hold roughly 26.5%, and Workhorse's senior secured lender will have rights to about 11% on a fully diluted basis, all subject to adjustments and future dilution. Workhorse merged a newly created subsidiary with Motiv in exchange for newly issued Workhorse common shares. Certain Motiv stockholders who held its debt agreed to cancel those obligations in exchange for Workhorse equity. Alongside the merger, Workhorse completed a $20 million sale-leaseback of its Union City, Indiana, manufacturing plant and secured $5 million in convertible note financing from entities tied to Motiv's controlling investor, providing near-term liquidity and enabling partial debt repayment. At closing, Workhorse will repay or cancel all remaining obligations to its senior secured lender, leaving only the $5 million secured convertible note held by Motiv's controlling investor, which could convert to equity in a post-closing financing. Motiv's controlling investor also committed to provide $20 million in debt financing at closing, $10 million via a revolving credit facility and $10 million in an ABL facility for manufacturing costs tied to confirmed orders. The combined company plans to expand its Class 4-6 truck lineup, leverage scale to lower unit costs, and pursue additional equity financing to support strategic execution. Motiv CEO Scott Griffith will lead the combined company, while Workhorse CEO Rick Dauch will be an advisor. The transaction, pending shareholder and customary approvals, is expected to close in the fourth quarter of 2025. Workhorse stock plunged 81% year-to-date as its financial troubles, weak sales, and the risk of shareholder dilution from a planned merger weighed on investors. WKHS Price Action: Workhorse shares were trading lower by 2.82% to $1.72 at last check Friday. Photo by T. Schneider via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Workhorse Stock Slips As Merger With Motiv Sparks Dilution Concerns originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Associated Press
04-08-2025
- Automotive
- Associated Press
Workhorse Reenters Exclusivity Period in Connection with Potential Transaction
CINCINNATI, Aug. 04, 2025 (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 announced it has entered into a new exclusivity agreement with a privately held U.S.-based manufacturer of electric commercial vehicles (the 'Manufacturer') in connection with a previously disclosed potential transaction. As previously announced, the Company is currently in discussions with the Manufacturer about a potential transaction in which the Manufacturer would be merged into a newly created subsidiary of the Company in exchange for newly issued shares of the Company's common stock (the 'Potential Transaction'). In connection with the Potential Transaction, on July 14, 2025, the Company entered into an Exclusivity Agreement (the 'Prior Exclusivity Agreement') with the Manufacturer, which provided that, for a period of 14 days and subject to a customary 'fiduciary out,' the Company would not, among other things, provide information to, negotiate with or enter into a definitive agreement with a third party for an alternative transaction to the Potential Transaction (collectively, the 'Restrictions'). On July 28, 2025, the Restrictions under the Prior Exclusivity Agreement expired. On August 4, 2025, the Company entered into a new Exclusivity Agreement (the 'New Exclusivity Agreement'), which put the Restrictions on the Company from the Prior Exclusivity Agreement back into place for a period of seven days. Additional Information and Where to Find It If definitive agreements are entered into with respect to the Potential Transaction, the Company intends to file a proxy statement with the Securities and Exchange Commission (the 'SEC') and may file other relevant documents with the SEC regarding the Potential Transaction. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC. The proxy statement (if and when available) will be mailed to stockholders of the Company. STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POTENTIAL TRANSACTION. Stockholders will be able to obtain a free copy of the proxy statement (if and when available) and other relevant documents once such documents are filed with the SEC from the SEC's website at or by directing a request by mail to Workhorse Group Inc., 3600 Park 42 Drive, Suite 160E, Sharonville, Ohio 45241, or from the Company's website at Participants in the Solicitation If definitive agreements are entered into with respect to the Potential Transaction, the Company and certain of its directors and officers may, under the rules of the SEC, be deemed to be 'participants' in the solicitation of proxies from its stockholders that will occur in connection with the meeting at which the Potential Transaction may be presented to stockholders for approval (the 'Meeting'). Information concerning the interests of the persons who may be considered 'participants' in the solicitation is set forth in the Company's proxy statements and its Annual Reports on Form 10-K previously filed with the SEC, and will be set forth in the proxy statement relating to the Meeting when the proxy statement becomes available. Copies of these documents can be obtained, without charge, at the SEC's website at or by directing a request to the Company at the address above, or at Cautionary Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may relate to the Company's initial business combination and any other statements relating to future results, strategy and plans of the Company (including statements which may be identified by the use of the words 'plans', 'expects' or 'does not expect', 'estimated', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', 'targets', 'projects', 'contemplates', 'predicts', 'potential', 'continue', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might', 'will' or 'will be taken', 'occur' or 'be achieved'). Forward-looking statements are based on the opinions and estimates of management of the Company as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties could give rise to a delay in or the failure to enter into a definitive agreement relating to, or the Company's ability to enter into a definitive agreement or consummate the Potential Transaction. Some factors that could cause actual results to differ include the outcome of discussions between the Company and the Manufacturer with respect to the Potential Transaction, including the possibility that the parties may not agree to pursue the Potential Transaction or that the terms of the Potential Transaction will be materially different from those described herein; our ability to consummate the Potential Transaction or achieve the expected synergies and/or efficiencies; potential regulatory delays; the industry and market reaction to this announcement; the effect of the announcement of the Potential Transaction on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the ability to obtain regulatory and other approvals required to consummate the Potential Transaction, including from Nasdaq; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq. Additional information on these and other factors that may cause actual results and the Company's performance to differ materially is included in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2024, including those factors described under the heading ' Risk Factors ' therein, and the Company's subsequent Quarterly Reports on Form 10-Q. Copies of the Company's filings with the SEC are available publicly on the SEC's website at or may be obtained by contacting the Company. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. No Offer or Solicitation This press release does not constitute a solicitation of a vote or a proxy, consent or authorization with respect to any securities. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of the Securities Act, or an exemption therefrom. Media Contact: Aaron Palash / Greg Klassen Joele Frank, Wilkinson Brimmer Katcher 212-355-4449 Investor Relations Contact: Tom Colton and Greg Bradbury Gateway Group 949-574-3860 [email protected]
Techday NZ
22-04-2025
- Automotive
- Techday NZ
Siemens expands Teamcenter X to support firms of all sizes
Siemens Digital Industries Software has introduced new versions of its Teamcenter X software aimed at extending Software as a Service (SaaS) Product Lifecycle Management (PLM) capabilities to organisations of all sizes. The newly expanded Teamcenter X portfolio now consists of four distinct offerings. The entry-level Teamcenter X Essentials provides data management designed for mechanical design, which includes core functionalities such as CAD data management, product structures, revision management, where-used search, check-in/check-out, and 3D view and mark-up capabilities, with the potential for full scalability as businesses grow. The introduction of Teamcenter X Standard expands on the Essentials offering by including additional PLM functions such as simple change management, project scheduling, document management, and report generation. These features are provided with out-of-the-box configurations that can also be tailored to suit specific customer requirements. For organisations requiring collaboration across multiple engineering domains, Teamcenter X Advanced supports cross-domain lifecycle management, covering mechanical, electronic, and electrical design. The Advanced offering builds upon the Standard tier, introducing data management for electrical and electronic design integration, as well as classification. As with the Standard tier, Advanced is delivered with configurable, ready-made solutions. At the top end of the portfolio, Teamcenter X Premium provides access to the full capabilities of the Teamcenter suite, including enterprise bill of materials (BOM), business system integration, model-based systems engineering, manufacturing planning, quality and compliance management, product cost management, and service lifecycle management. The Premium version also offers preconfigured solutions tailored for industries such as industrial machinery, medical devices, and semiconductors, along with customisation options and a choice of cloud providers. Frances Evans, Senior Vice President, Lifecycle Collaboration Software, Siemens Digital Industries Software, said, "This expansion of Teamcenter X continues Siemens' mission of making SaaS PLM more accessible for companies of all sizes. The new additions to Teamcenter X help even more customers get started quickly with PLM and then scale to solve more business challenges using more of the Teamcenter portfolio." Workhorse Group, an American company focused on producing zero-emission commercial vehicles, has selected Teamcenter X as its company standard to streamline activities across its development teams and supply chain in manufacturing electric trucks for the last-mile delivery sector. Jeff Mowry, Chief Information Officer at Workhorse Group, said, "Standardising on Teamcenter X has allowed us to integrate our design, engineering and supply chain functions efficiently. Previously, our multi-CAD environment was costly and required extra resources. With Siemens, we've eliminated these inefficiencies and can focus on building complex electric trucks more effectively." "Using Siemens' tools, we are able to effectively manage our intricate bill of materials and engineering change notices, which is key given the dynamic nature of electric vehicle production. This strategic move has not only lowered our operational costs but also strengthened our ability to protect intellectual property and ensure cybersecurity." Teamcenter X's new offerings are positioned to allow quicker deployment and reduced administrative overhead. Siemens' approach involves providing prepackaged functionalities out of the box, such as process management and the ability to integrate development across mechanical, electrical, and electronic domains. These features are intended to benefit manufacturers seeking digital transformation regardless of their organisation's scale or maturity. Siemens Digital Industries Software continues to expand its portfolio to support organisations seeking to optimise design, engineering, and manufacturing processes through digital strategies.
