Form 8-K - Current report
06 Septiembre 2023 - 4:00PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 1, 2023
WORKHORSE GROUP INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
001-37673 |
|
26-1394771 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification Number) |
3600 Park 42 Drive, Suite 160E, Sharonville, Ohio
45241
(Address of principal executive offices) (zip code)
(888) 646-5205
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
| ☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value per share |
|
WKHS |
|
The Nasdaq Capital Market |
Item 3.02 Unregistered Sale of Equity Securities.
As previously disclosed,
Workhorse Group Inc. (the “Company”) entered into a Stipulation of Settlement (the “Stipulation of Settlement”)
to settle a putative class action brought on behalf of certain purchasers of the Company’s securities (the “Securities Class
Action”). Pursuant to the Stipulation of Settlement, in exchange for a release of all claims and dismissal with prejudice of the
Securities Class Action, the Company agreed to create a settlement fund with an escrow agent (the “Settlement Fund”) consisting
of $15 million in cash and $20 million in shares of common stock of the Company (the “Settlement Shares”) from which class
members will receive payment.
The
number of Settlement Shares issued was based on the volume weighted average price (the “VWAP Price”) of the Company’s
common stock for the 15 trading days immediately preceding the date the court entered judgment. The VWAP Price would be adjusted if, at
market close on the trading day before the date the Company deposits the Settlement Shares, the market price per share of the Company’s
common stock deviated more than 25% above or below the VWAP Price. Upon such deviation, the number of Settlement Shares would be adjusted,
upward or downward, such that the aggregate value of the Settlement Shares equals $20 million. Consistent with the foregoing, the Company
will issue 25,380,711 shares of its common stock into the Settlement Fund as Settlement Shares. The first 2,000,000 of the Settlement
Shares were issued on September 1, 2023. The Settlement Shares were issued in reliance on the exemption from registration afforded by
Section 3(a)(10) of the Securities Act of 1933, as amended.
Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Changes in Fiscal Year.
As described in Item 5.07
of this Current Report on Form 8-K, on September 1, 2023, the stockholders of the Company voted at a special meeting of the Company’s
stockholders (the “Meeting”) to approve an amendment (the “Amendment”) to the Company’s articles of incorporation
(the “Articles of Incorporation”) to increase the number of shares of common stock, par value $0.001 per share, authorized
for issuance thereunder to 450 million. On September 6, 2023, the Company filed the Amendment with the Secretary of State of the State
of Nevada, and such Amendment became effective immediately. The foregoing description of the Amendment does not purport to be complete
and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 3.1 to this Current Report
on Form 8-K and incorporated by reference herein.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On September 1, 2023, the
Company held the Meeting. As of July 10, 2023, the record date for holders of shares of common stock (the “Shares”) entitled
to vote at the Meeting, there were 210,793,111 Shares outstanding and entitled to vote at the Meeting. Of the Shares entitled to vote,
125,328,105, or approximately 59% of the Shares, were present or represented by proxy at the Meeting, constituting a quorum under the
Company’s Articles of Incorporation. There was one matter presented and voted on at the Meeting. Set forth below is a brief description
of the matter voted on at the Meeting and the final voting results with respect to such matter.
Proposal 1 – Approval of an amendment
to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock.
| |
Votes For | | |
Votes Against | | |
Abstentions | |
Votes Cast | |
| 107,790,864 | | |
| 15,836,387 | | |
| 1,700,854 | |
The stockholders approved
the amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock.
Item 9.01. Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
WORKHORSE GROUP INC. |
|
|
Date: September 6, 2023 |
By: |
/s/ James D. Harrington |
|
Name: |
James D. Harrington |
|
Title: |
General Counsel, Chief Compliance Officer and Secretary |
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