Shares of Workhorse Group Inc. (WKHS) ran up 19% in morning trading, putting them on track for a record ninth-straight gain toward a record high, after the electric van maker announced a $70 million securities purchase agreement from a single institutional investors. The stock has now skyrocketed more than four fold (up 318%) since it last declined on June 17. The company said it agreed to sell to HT Investments MA, LLC $70 million in a senior secured convertible note, which will be convertible into common stock. The notes will bear interest at 4.50% per share and mature on July 1, 2023. Workhorse expects to use the proceeds from the sale of notes to finance the production of its trucks and for general corporate purposes. The stock has soared nearly 10-fold (up 892%) over the past three months. Among other electric vehicle makers, shares of Nikola Corp. (NKLA) has gained nearly 6-fold (up 489%), Tesla Inc. (TSLA) has doubled (up 104%) and Nio Inc. (NIO) has nearly tripled (up 180%). Meanwhile, the S&P 500 has gained 16% the past three months.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 30, 2020 09:56 ET (13:56 GMT)
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