Why Workhorse Group Stock Is Down Today
Shares of Workhorse Group (NASDAQ: WKHS) were trading down on Wednesday, a day after the electric delivery-van maker said it secured $70 million in new financing. Workhorse said on Tuesday that an unnamed institutional investor has agreed to purchase $70 million in senior secured convertible notes. The new notes are equivalent in seniority to those issued by Workhorse last December, will pay 4.5% annually, and are convertible into common stock at $19 per share.
