Powell speech takes center stage in Tuesday’s economic events
CINCINNATI - Workhorse Group Inc. (NASDAQ:WKHS) has filed definitive proxy materials and is urging shareholders to vote in favor of its proposed merger with Motiv Electric Trucks at the upcoming Annual Meeting on November 12, 2025. The electric vehicle manufacturer, currently valued at $16.76 million, has seen its stock decline 87% year-to-date according to InvestingPro data.
The zero-emission commercial vehicle company mailed letters to shareholders highlighting the transaction’s strategic benefits. If approved, Motiv investors would initially own approximately 62.5% of the combined entity while current Workhorse shareholders would retain about 26.5% ownership.
The all-stock transaction aims to create a stronger competitor in the medium-duty electric commercial vehicle market by combining Motiv’s product portfolio and fleet relationships with Workhorse’s manufacturing capabilities and dealer network.
According to the company, the merger would provide enhanced scale to reduce unit costs and access to complementary customer bases. The companies have collectively served 10 of the largest medium-duty fleets in North America, according to the statement.
Workhorse CEO Rick Dauch stated in the shareholder letter that the combination would position the company to capture new growth opportunities in what it describes as a $23 billion medium-duty trucking market.
The merger includes provisions for financial support, with entities affiliated with Motiv’s controlling investor having already provided Workhorse with $25 million for operations and debt reduction. At closing, the combined company expects to access up to $20 million in new financing.
Shareholders of record as of September 18, 2025, are eligible to vote on the transaction. The company has established a dedicated website, votewkhs.com, with voting information.
The transaction is expected to close in the fourth quarter of 2025, subject to shareholder approval and other customary closing conditions, according to the press release statement.
In other recent news, Workhorse Group Inc. reported its Q2 2025 earnings, revealing a significant shortfall in both earnings per share (EPS) and revenue. The company posted an EPS of -$1.67, which was far below the anticipated -$0.05, resulting in a surprise of 3,240%. Revenue was also disappointing, coming in at $5.67 million compared to the forecasted $27.8 million, marking a negative surprise of 79.6%. Additionally, Workhorse announced that its W56 electric step van is now eligible for $85,000 in incentives through California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project. Kingsburg Truck Sales, a certified dealer for Workhorse, is actively submitting more than 20 voucher requests for customers who placed orders in anticipation of the program’s reopening. These voucher allocations are expected in the fourth quarter of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.