Workhorse Group Stockholders Approve Key Proposals at Annual Meeting

CINCINNATI, May 14, 2024 (GLOBE NEWSWIRE) -- 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 at its 2024 Annual Meeting of Stockholders (the “Annual Meeting”), Workhorse stockholders voted to approve key proposals that enable the Company to continue executing its strategic commercial vehicle product roadmap.

At the Annual Meeting, stockholders approved, among other proposals:

1. Re-election of the following persons to the Company's Board of Directors for the ensuing year: Raymond Chess, Richard Dauch, Jacqueline Dedo, Pamela Mader, Scott Miller, Bill Quigley, and Jean Botti. The Directors have been elected to serve a term expiring at the 2025 annual meeting of stockholders;
   
2. Pursuant to Nevada Revised Statutes 78.2055, a reverse stock split of Workhorse’s outstanding shares of common stock by a ratio of any whole number between 1-for-10 and 1-for-20, at any time prior to August 30, 2024, to be determined at the discretion of the Board of Directors, for the purpose of complying with the Nasdaq Listing Rules, subject to the Board’s discretion to abandon such reverse stock split; and
3. For the purposes of Nasdaq Listing Rule 5635(D), the proposed issuance of the maximum number of shares of Workhorse common stock underlying the Company’s (A) senior secured convertible notes and (B) warrants to purchase common stock.

Workhorse will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.

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.