2023-08-03 13:23:45 ET
Workhorse Group ( NASDAQ: WKHS ) issued a letter to shareholders asking them to vote in favor of increasing the number of authorized shares at the annual meeting on August 27.
The company said it needs to ensure it has the necessary financial resources to complete its transition. WKHS is evaluating a number of options to fund growth, including transactions involving stock and convertible debt.
In pitching the upside case for the company, CEO Rick Dauch noted that Workhorse Group ( WKHS ) has revamped its management team, revitalized its facilities, and is developing a clear product roadmap. It was also highlighted that WKHS continues to invest in its aerospace business and pursue key contracts.
Shares of Workhorse Group ( WKHS ) rallied 6.15% in afternoon trading on Thursday to $1.31 vs. the 52-week trading range of $0.71 to $4.73. The short interest outstanding on WKHS is at 20.35% of the total float. Workhorse Group ( WKHS ) is due to report earnings on August 8 and disclose a 10th straight quarterly loss.
More on Workhorse Group:
- Workhorse Group: Sell On Aggressive Sales Targets And Near-Term Dilution Risk
- Recent options trades on Workhorse Group
- Growth metrics on Workhorse Group:
- Seeking Alpha's Quant Rating for Workhorse Group
For further details see:
Workhorse Group rallies after highlighting growth push in letter to shareholders