CINCINNATI - Workhorse Group Inc. (NASDAQ:WKHS), a company specializing in zero-emission commercial vehicles, announced today that its stockholders have voted in favor of several critical proposals during its 2024 Annual Meeting of Stockholders. These measures are aimed at advancing the company's strategic plan for its commercial vehicle product lineup.
During the meeting, stockholders re-elected Raymond Chess, Richard Dauch, Jacqueline Dedo, Pamela Mader, Scott Miller, Bill Quigley, and Jean Botti to the Board of Directors for a term that will conclude at the 2025 annual meeting. Additionally, stockholders approved a potential reverse stock split of the company's common stock in a ratio between 1-for-10 and 1-for-20, to be enacted at the Board's discretion before August 30, 2024. This action is intended to ensure compliance with Nasdaq Listing Rules.
Moreover, the issuance of the maximum number of shares of common stock underlying the company's senior secured convertible notes and warrants was also sanctioned. This is in accordance with Nasdaq Listing Rule 5635(D). The final vote results will be filed with the U.S. Securities and Exchange Commission on a Form 8-K, as certified by the independent Inspector of Election.
Workhorse is committed to the development and manufacturing of high-performance, battery-electric trucks and drones, as well as cloud-based telematics performance monitoring systems. These systems are designed to enhance fleet operators' energy and route efficiency.
The press release contains forward-looking statements that involve risks and uncertainties, which are common in company projections about future performance and strategies. These statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from the company's expectations.
InvestingPro Insights
As Workhorse Group Inc. (NASDAQ:WKHS) navigates through its strategic initiatives, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Workhorse has a market cap of approximately $65.66 million, indicating its size within the zero-emission commercial vehicle sector. Despite a notable revenue growth of 160.69% over the last twelve months as of Q4 2023, the company's gross profit margin stands at a concerning -192.87%, reflecting challenges in converting sales into actual profit.
InvestingPro Tips for Workhorse highlight that analysts are expecting sales growth in the current year, which aligns with the company's forward-looking statements about its product lineup expansion. However, it's important to note that Workhorse is quickly burning through cash, and analysts have revised their earnings downwards for the upcoming period. Additionally, the stock has experienced significant volatility, with price declines over the last week, three months, and year, emphasizing the high-risk nature of the investment.
For investors seeking a deeper dive into Workhorse's financials and market trends, there are additional InvestingPro Tips available at https://www.investing.com/pro/WKHS. These tips can provide further insights into the company's valuation, cash flow, and debt levels, among other metrics. By using the coupon code PRONEWS24, readers can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable resources.
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