On Friday Workhorse Group Inc. (NASDAQ:WKHS) traded with change of -1.28% on volume of 6128722 shares in the last session as compared to average volume of 1646898 shares. During last trade its minimum price was $2.85 and it gained highest price of $3.3. WKHS has total market capitalization of $204525889. Its closing value stands at $3.09.
On Nov. 8, 2019, Workhorse Group Inc. (NASDAQ:WKHS) an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, revealed financial results for the third quarter ended September 30, 2019.
Third Quarter and Recent Operational Highlights
- November 2019: Signed Intellectual Property Licensing Agreement (IPLA) with Lordstown Motors Corp. (LMC), a private corporate entity founded by former Workhorse CEO Steve Burns.
o Agreement finalized in connection with General Motors (GM) Lordstown manufacturing facility acquisition announced on November 7, 2019.
o Under the IPLA, Workhorse is granting LMC a three-year exclusive license of certain IP relating to the Company’s W-15 electric pickup truck in exchange for an initial equity stake of 10% in LMC, which will be anti-dilutive for two years.
o Workhorse is entitled to a license fee equal to 1% of the gross sales price of each LMC truck sold, up to the first 200,000 units.
o LMC has agreed to pre-pay a portion of the license fee in an amount equal to 1% of the aggregate debt and equity commitments LMC intends to raise.
o Once the pre-payment has been amortized over actual production, LMC will pay on a per unit shipped basis up to the 200,000 unit cap.
o Workhorse will also receive an additional 4% commission on the gross sales price of trucks sold which fulfull the 6,000 existing pre-orders for the W-15 transferred from the Company to LMC.
Anthony Bell is a self-taught investor and follows the value investing approach to picking stocks. He possesses over 8 years of investment experience, an M.B.A. and is also certified in Risk Management Assurance. Anthony is a Certified Internal Auditor, Data Miner, and author with a career broadly spanning over multiple business areas. He has exploited those observations and developed investment tactics within a fundamentally sound long-term investment strategy. He currently covers Earnings News category for our site.
Address: 13228 390th Avenue, Aberdeen, SD 57401, USA
Phone number: 812-785-4570
Email: [email protected]