Workhorse Group Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Workhorse Group Inc. on September 3, 2020, reporting an event that occurred on August 28, 2020. The Company is incorporated in Nevada and its common stock trades on The Nasdaq Capital Market under the symbol WKHS.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, or total debt. The report focuses exclusively on a capital structure event regarding the redemption of Series B Preferred Stock.
Material Changes
- Series B Preferred Stock Redemption: The Company notified holders that all shares of Series B Preferred Stock will be redeemed in full for cash as of September 28, 2020.
- Dividend Status: Dividends on the redeemed shares will be paid in full as of the redemption date and will cease to accumulate thereafter.
- Lender Consent: HT Investments MA LLC, the Company's secured lender, consented to the redemption and waived any event of default arising from the transaction without requiring further payment or compensation.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of new risks or contingencies beyond the specific redemption event described in Item 8.01.
Investor Verification Checklist
- Confirm the cash outflow required for the September 28, 2020, redemption of Series B Preferred Stock.
- Verify the total amount of dividends paid in full on the redemption date.
- Review the impact of this redemption on the Company's remaining capital structure and liquidity position.
- Check subsequent filings for confirmation that the redemption was executed as scheduled.