Workhorse Reenters Exclusivity Period in Connection with Potential Transaction
Workhorse Group (NASDAQ: WKHS) has entered into a new 7-day exclusivity agreement with an unnamed private U.S.-based electric commercial vehicle manufacturer regarding a potential merger transaction. This follows a previous 14-day exclusivity period that expired on July 28, 2025.
Under the agreement, Workhorse is restricted from negotiating with other parties for alternative transactions. The proposed merger would involve the private manufacturer merging into a new Workhorse subsidiary in exchange for newly issued WKHS common stock.
If definitive agreements are reached, Workhorse will file a proxy statement with the SEC and seek shareholder approval. The company cautions that there is no guarantee the transaction will be completed.
Workhorse Group (NASDAQ: WKHS) ha stipulato un nuovo accordo di esclusiva di 7 giorni con un produttore privato statunitense di veicoli commerciali elettrici, riguardante una potenziale fusione. Questo segue un precedente periodo di esclusiva di 14 giorni, scaduto il 28 luglio 2025.
Secondo l'accordo, Workhorse 猫 vincolata a non negoziare con altre parti per operazioni alternative. La fusione proposta prevede che il produttore privato si fonda in una nuova controllata di Workhorse in cambio di azioni ordinarie WKHS di nuova emissione.
Se verranno raggiunti accordi definitivi, Workhorse presenter脿 una dichiarazione di procura alla SEC e richieder脿 l'approvazione degli azionisti. La societ脿 avverte che non vi 猫 alcuna garanzia che la transazione venga completata.
Workhorse Group (NASDAQ: WKHS) ha firmado un nuevo acuerdo de exclusividad de 7 d铆as con un fabricante privado estadounidense de veh铆culos comerciales el茅ctricos, relativo a una posible fusi贸n. Esto sigue a un per铆odo previo de exclusividad de 14 d铆as que expir贸 el 28 de julio de 2025.
Bajo el acuerdo, Workhorse tiene prohibido negociar con otras partes para transacciones alternativas. La fusi贸n propuesta implicar铆a que el fabricante privado se integre en una nueva subsidiaria de Workhorse a cambio de acciones comunes WKHS reci茅n emitidas.
Si se alcanzan acuerdos definitivos, Workhorse presentar谩 una declaraci贸n de poder ante la SEC y buscar谩 la aprobaci贸n de los accionistas. La compa帽铆a advierte que no hay garant铆a de que la transacci贸n se complete.
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Workhorse Group (NASDAQ : WKHS) a conclu un nouvel accord d'exclusivit茅 de 7 jours avec un fabricant priv茅 am茅ricain de v茅hicules commerciaux 茅lectriques concernant une 茅ventuelle op茅ration de fusion. Ceci fait suite 脿 une pr茅c茅dente p茅riode d'exclusivit茅 de 14 jours qui a expir茅 le 28 juillet 2025.
Dans le cadre de cet accord, Workhorse s'interdit de n茅gocier avec d'autres parties pour des transactions alternatives. La fusion propos茅e impliquerait que le fabricant priv茅 soit fusionn茅 dans une nouvelle filiale de Workhorse en 茅change d'actions ordinaires WKHS nouvellement 茅mises.
Si des accords d茅finitifs sont conclus, Workhorse d茅posera une d茅claration de procuration aupr猫s de la SEC et sollicitera l'approbation des actionnaires. La soci茅t茅 avertit qu'il n'y a aucune garantie que la transaction sera finalis茅e.
Workhorse Group (NASDAQ: WKHS) hat eine neue 7-t盲gige Exklusivit盲tsvereinbarung mit einem nicht genannten privaten US-amerikanischen Hersteller von elektrischen Nutzfahrzeugen bez眉glich einer potenziellen Fusion abgeschlossen. Dies folgt auf eine vorherige 14-t盲gige Exklusivit盲tsperiode, die am 28. Juli 2025 abgelaufen ist.
Im Rahmen der Vereinbarung ist Workhorse daran gehindert, mit anderen Parteien 眉ber alternative Transaktionen zu verhandeln. Die vorgeschlagene Fusion w眉rde den privaten Hersteller in eine neue Tochtergesellschaft von Workhorse einbringen, im Austausch gegen neu ausgegebene WKHS-Stammaktien.
Sollten endg眉ltige Vereinbarungen getroffen werden, wird Workhorse eine Stimmrechtsvollmacht bei der SEC einreichen und die Zustimmung der Aktion盲re einholen. Das Unternehmen weist darauf hin, dass keine Garantie f眉r den Abschluss der Transaktion besteht.
- Potential strategic merger could expand Workhorse's presence in zero-emission commercial vehicles market
- Transaction structure using stock preserves cash resources
- Transaction terms and valuation not yet disclosed
- Potential shareholder dilution from new stock issuance
- No guarantee the merger will be completed
- Short exclusivity period of only 7 days suggests potential negotiation challenges
Insights
Workhorse extends exclusivity period for potential merger with private EV manufacturer, signaling continued interest but not yet a definitive deal.
Workhorse has renewed its exclusivity agreement with an unnamed private US-based electric commercial vehicle manufacturer, extending their negotiation window by an additional seven days. This follows the expiration of their initial 14-day exclusivity period on July 28. The extension indicates both parties remain interested in the potential transaction, though they clearly need more time to finalize terms.
The contemplated deal structure involves the private manufacturer merging into a Workhorse subsidiary in exchange for newly issued Workhorse common stock. This transaction framework suggests a stock-for-assets deal that would allow Workhorse to acquire the manufacturer's operations while preserving cash resources. For a capital-intensive EV manufacturer like Workhorse, this approach makes strategic sense given likely cash constraints.
The brevity of the extension鈥攋ust seven days versus the original 14-day period鈥攃ould signal several possibilities: negotiations may be nearing completion, there could be growing urgency to conclude discussions, or the parties may be reaching decision points requiring prompt resolution. The continued inclusion of a "fiduciary out" clause preserves Workhorse's ability to consider superior offers if they emerge during this period.
While the identity of the target remains undisclosed, the strategic rationale likely involves strengthening Workhorse's manufacturing capabilities, expanding its product portfolio, or gaining technological advantages in the competitive electric commercial vehicle space. This potential consolidation aligns with broader industry trends as EV manufacturers seek scale and operational efficiencies amid challenging market conditions.
The renewal of exclusivity indicates momentum in the negotiations, but investors should note that no definitive agreement has been reached, and the transaction remains subject to numerous closing conditions, including shareholder approval and regulatory clearances.
CINCINNATI, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (鈥淲orkhorse鈥� or the 鈥淐ompany鈥�), 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 鈥淢anufacturer鈥�) 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鈥檚 common stock (the 鈥淧otential Transaction鈥�).
In connection with the Potential Transaction, on July 14, 2025, the Company entered into an Exclusivity Agreement (the 鈥淧rior Exclusivity Agreement鈥�) with the Manufacturer, which provided that, for a period of 14 days and subject to a customary 鈥渇iduciary out,鈥� 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 鈥淩estrictions鈥�).
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 鈥淣ew Exclusivity Agreement鈥�), 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 鈥淪EC鈥�) 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鈥檚 website at www.sec.gov, or by directing a request by mail to Workhorse Group Inc., 3600 Park 42 Drive, Suite 160E, Sharonville, Ohio 45241, or from the Company鈥檚 website at www.ir.workhorse.com.
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 鈥減articipants鈥� 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 鈥淢eeting锟斤拷). Information concerning the interests of the persons who may be considered 鈥減articipants鈥� in the solicitation is set forth in the Company鈥檚 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鈥檚 website at www.sec.gov, or by directing a request to the Company at the address above, or at www.ir.workhorse.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 鈥渇orward-looking statements鈥� within the meaning of Section聽21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may relate to the Company鈥檚 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 鈥減lans鈥�, 鈥渆xpects鈥� or 鈥渄oes not expect鈥�, 鈥渆stimated鈥�, 鈥渋s expected鈥�, 鈥渂udget鈥�, 鈥渟cheduled鈥�, 鈥渆stimates鈥�, 鈥渇orecasts鈥�, 鈥渋ntends鈥�, 鈥渁nticipates鈥� or 鈥渄oes not anticipate鈥�, 鈥渢argets鈥�, 鈥減rojects鈥�, 鈥渃ontemplates鈥�, 鈥減redicts鈥�, 鈥減otential鈥�, 鈥渃ontinue鈥�, or 鈥渂elieves鈥�, or variations of such words and phrases or state that certain actions, events or results 鈥渕ay鈥�, 鈥渃ould鈥�, 鈥渨ould鈥�, 鈥渟hould鈥�, 鈥渕ight鈥�, 鈥渨ill鈥� or 鈥渨ill be taken鈥�, 鈥渙ccur鈥� or 鈥渂e achieved鈥�).
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鈥檚 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聽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聽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鈥檚 performance to differ materially is included in the Company鈥檚 periodic reports filed with the SEC, including, but not limited to, the Company鈥檚 Annual Report on Form聽10-K for the year ended December聽31, 2024, including those factors described under the heading 鈥�Risk Factors鈥� therein, and the Company鈥檚 subsequent Quarterly Reports on Form聽10-Q. Copies of the Company鈥檚 filings with the SEC are available publicly on the SEC鈥檚 website at www.sec.gov 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
FAQ
What is the potential merger deal announced by Workhorse (WKHS) on August 4, 2025?
How long is the new exclusivity period for Workhorse's potential merger?
What happens if Workhorse reaches a definitive merger agreement?
Who is the private manufacturer Workhorse plans to merge with?
What are the key risks of Workhorse's potential merger transaction?
