Business Context and Reporting Period
This Form 8-K Current Report was filed by Workhorse Group Inc. on December 9, 2015. The report details a corporate action approved by the Board of Directors to effect a reverse stock split of the company's common stock.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a notice of a capital structure change.
Material Changes
- Reverse Stock Split: A 1-for-10 reverse stock split was filed with the State of Nevada.
- Effective Date: The split became effective on December 11, 2015.
- Share Consolidation: Every 10 outstanding shares were automatically combined into one share without a change in par value.
- Fractional Shares: Fractional shares resulting from the split are rounded up to the next highest whole number.
- Authorized Shares: The total authorized common stock was reduced from 500,000,000 to 50,000,000.
- Trading Symbol: The OTCQB trading symbol was temporarily changed to WKHSD for 20 business days.
- CUSIP Number: The new CUSIP number is 98138J 206.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook. It notes that the information provided is a summary and is qualified in its entirety by reference to the full text of the exhibits attached to the report.
Investor Verification Checklist
- Verify the new CUSIP number (98138J 206) with your brokerage to ensure proper account adjustment.
- Confirm the temporary trading symbol (WKHSD) on the OTCQB for the 20-day transition period.
- Review the attached Certificate of Change (Exhibit 3.1) for complete legal terms regarding the share reduction.
- Check account statements to confirm the rounding up of any fractional shares.