![]() ![]() ![]() Additionally, in October 2020, Workhorse entered into a Note Purchase Agreement (NPA) with institutional investors to sell $200 million of its Senior Secured Convertible Notes, due in 2024 and bearing a coupon of 4 percent. As an illustration, the company was forced to buffer its flagging liquidity by securing $70 million in financing through the issuance of Senior Secured Convertible Notes in July 2020. manufacturing facility where final vehicle assembly will occur.”Īs we’ve detailed previously, the probability of Workhorse becoming a key node in the NGDV contract underpinned much of the stock’s gains over the past year, which at one point amounted to over 800 percent! Bear in mind that the contract was a vital lifeline for Workhorse and was expected to reverse its accelerating cash burn problem. The initial investment includes plant tooling and build-out for the U.S. The vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies. ![]() “Under the contract's initial $482 million investment, Oshkosh Defense will finalize the production design of the Next Generation Delivery Vehicle (NGDV) - a purpose-built, right-hand-drive vehicle for mail and package delivery - and will assemble 50,000 to 165,000 of them over 10 years. ![]()
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