Workhorse Group Inc. (NASDAQ: WKHS), a Cincinnati, OH-based technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has entered into a financing agreement with a principal amount of $41.0 million with an institutional lender.
The financing will be in the form of a Senior Secured Convertible Note.
The proceeds will be used for current working capital, repayment of the Company’s existing debt held by Marathon Asset Management, and other general corporate purposes.
Led by CEO Duane Hughes, Workhorse focuses on providing electric mobility solutions to the transportation sector. As an American original equipment manufacturer, the company designs and builds high performance battery-electric vehicles including trucks and aircraft and develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with vehicles and enable fleet operators to optimize energy and route efficiency.