Market Overview

Workhorse Private Offering Brings $25M In Gross Proceeds

Share:
Workhorse Private Offering Brings $25M In Gross Proceeds

Workhorse Group Inc. (NASDAQ: WKHS) shares were trading higher Monday after the company entered into subscription agreements with institutional investors for a private offering resulting in proceeds of $25 million.

Workhorse Group shares were trading up by 1.37 percent at $2.31 at the time of publication. 

The Cincinnati, Ohio-based technology company focuses on providing sustainable and electric-mobility solutions to the transportation sector.

The proceeds from the private offering will be used for general working capital and research and development, allowing the company to focus on finalizing the R&D associated with the N-GEN electric delivery vehicle. 

"This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog and will enable us to make significant strides in our strategic vision of being a leader in the electric last mile delivery space," CEO Duane Hughes said in a press release.

Related Links:

IPO Outlook For The Week: Freelancers, Web Security And Pet Products

Notable Insider Buys This Past Week: American Airlines, MGM and More

Photo courtesy of Workhorse. 

Posted-In: electric vehicles EVsNews Financing Best of Benzinga

 

Related Articles (WKHS)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

Utilizing Legal Cannabis For Sustainable Stimulus Begins Taking Root In Africa

Rollover Rally: Raytheon/United Technologies Merger Key Weekend Development