Keep Your Eyes on Stock News: Workhorse Group Inc. (NASDAQ:WKHS)

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.

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