Workhorse Group Adjourns Special Meeting of Stockholders
28 Agosto 2023 - 3:30PM
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 that it has
adjourned its Special Meeting of Stockholders scheduled for August
28, 2023, until September 1, 2023 at 8:00 a.m. Eastern Time.
The Company issued the following statement:
We are adjourning the Special Meeting
to give Workhorse stockholders more time to vote on the proposal to
increase the number of shares of Workhorse common stock. We have
been extensively engaging with our stockholders over the past few
weeks and appreciate the input and support from our
stockholders.
We look forward to continuing to
engage with our stockholders to discuss the transformative progress
we’ve made, the inflection point we are at and why we need their
support to fund Workhorse’s next phase of execution and growth. We
note that we are exploring financing options and pursuing this
proposal from a position of strength. That said, if the proposal
ultimately does not go through, it will limit our financing options
to the detriment of our stockholders.
We therefore urge stockholders to
vote as soon as possible FOR the proposal so we can execute on our
strategic priorities and build a bridge to long-term growth and
stockholder value creation.
As previously announced, leading independent proxy advisory
firms ISS and Glass Lewis also recommend Workhorse stockholders
vote “FOR” the proposal to increase the number of authorized
shares.
Workhorse stockholders of record at the close of business on
July 10, 2023 (the “Record Date”), will still be entitled to vote
at or in advance of the Special Meeting. Workhorse stockholders can
visit www.VoteWKHS.com for additional information on the
upcoming Special Meeting and proposal.
As of August 28, 2023, 49.68% of Workhorse shares voted for the
proposal, with 85% of all voted shares supporting the proposal.
Holders of a majority of ALL shares of Workhorse common stock are
required to vote in favor of this proposal for it to be approved.
Because of this, it is imperative that every stockholder who wants
Workhorse to be able to achieve the goals described above vote
their shares FOR the proposal today.
Please follow the instructions shown on the proxy card or voting
instruction form to vote your shares today. Or you can sign and
mail in your proxy card.
Stockholders who have questions or need assistance voting your
shares, please contact Morrow Sodali, Workhorse’s proxy
solicitor:
Phone:
800-607-0088wkhs.info@investor.morrowsodali.com
About Workhorse Group Inc.Workhorse is a
technology company focused on providing ground and air-based
electric vehicles to the last-mile delivery sector. As an American
original equipment manufacturer, we design and build high
performance, battery-electric trucks and drones. Workhorse also
develops cloud-based, real-time telematics performance monitoring
systems that are fully integrated with our vehicles and enable
fleet operators to optimize energy and route efficiency. All
Workhorse vehicles are designed to make the movement of people and
goods more efficient and less harmful to the environment. For
additional information visit workhorse.com.
FORWARD LOOKING STATEMENTSThis communication
contains certain forward-looking statements within the meaning of
federal securities laws with respect to Workhorse Group Inc. (the
“Company”), including statements relating to the amendment of our
Articles of Incorporation in Nevada and its potential impact on the
Company’s ability to obtain financing, build its offerings of
commercial electrical vehicles, expand its aerospace business, and
capture additional avenues for growth. Forward-looking statements
are predictions, projections, and other statements about future
events based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: changes in voting and the actual vote counts on the day
of the special meeting; the availability of and need for capital;
and the factors, risks and uncertainties regarding the Company’s
business described in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022, filed with the Securities and Exchange Commission (the “SEC”)
on March 1, 2023, and the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2023, filed with the SEC on
May 15, 2023. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Media Contact:Aaron Palash / Greg KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
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