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Workhorse Reenters Exclusivity Period in Connection with Potential Transaction

CINCINNATI, Aug. 04, 2025 (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 it has entered into a new exclusivity agreement with a privately held U.S.-based manufacturer of electric commercial vehicles (the "Manufacturer") in connection with a previously disclosed potential transaction.

As previously announced, the Company is currently in discussions with the Manufacturer about a potential transaction in which the Manufacturer would be merged into a newly created subsidiary of the Company in exchange for newly issued shares of the Company's common stock (the "Potential Transaction").

In connection with the Potential Transaction, on July 14, 2025, the Company entered into an Exclusivity Agreement (the "Prior Exclusivity Agreement") with the Manufacturer, which provided that, for a period of 14 days and subject to a customary "fiduciary out," the Company would not, among other things, provide information to, negotiate with or enter into a definitive agreement with a third party for an alternative transaction to the Potential Transaction (collectively, the "Restrictions").

On July 28, 2025, the Restrictions under the Prior Exclusivity Agreement expired. On August 4, 2025, the Company entered into a new Exclusivity Agreement (the "New Exclusivity Agreement"), which put the Restrictions on the Company from the Prior Exclusivity Agreement back into place for a period of seven days.

Additional Information and Where to Find It

If definitive agreements are entered into with respect to the Potential Transaction, the Company intends to file a proxy statement with the Securities and Exchange Commission (the "SEC") and may file other relevant documents with the SEC regarding the Potential Transaction. This communication is not a substitute for the proxy statement or any other document that the Company may file with the SEC. The proxy statement (if and when available) will be mailed to stockholders of the Company. STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POTENTIAL TRANSACTION. Stockholders will be able to obtain a free copy of the proxy statement (if and when available) and other relevant documents once such documents are filed with the SEC from the SEC's website at www.sec.gov, or by ...