Aluminum Corp of China Ltd
Change company Symbol lookup
Select an option...
ALMMF Aluminum Corp of China Ltd
FUN Cedar Fair LP
BAC Bank of America Corp
XLF Financial Select Sector SPDR® Fund
FRAN Francesca's Holdings Corp
ED Consolidated Edison Inc
BIIB Biogen Inc
CNF CNFinance Holdings Ltd
LVS Las Vegas Sands Corp
AZDDQ Azure Dynamics Corp
Go


Based in China
Company profile

Aluminum Corporation of China Limited (Chalco) is an aluminum producer with operations in bauxite and coal mining, alumina refining and primary aluminum smelting. The Company operates through alumina segment, including the mining and purchasing of bauxite and other raw materials, and production and sale of alumina, as well as alumina-related products; primary aluminum segment includes the procurement of alumina, other raw materials, supplemental materials and electricity power, the production and sale of primary aluminum and aluminum-related products; trading segment is engaged in the trading of alumina, primary aluminum, other non-ferrous metal products, and crude fuels; energy segment includes coal mining and power generation, including conventional coal-fire power generation and renewable energy generation, such as wind power and photovoltaic power, and corporate and other operating segment includes corporate and other aluminum-related research, development, and other activities.

Closing Price
$0.218
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.218
Day's Low
0.218
Volume
(Heavy Day)
Volume:
300

10-day average volume:
300
300

Workhorse Secures $70 Million Financing from Institutional Investor

9:20 am ET June 30, 2020 (PR Newswire) Print

Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse"), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, has entered into a financing agreement for a $70 million Senior Secured Convertible Note (the "Note") with a single institutional investor. The proceeds will be used for current operating working capital and other general corporate purposes.

https://mma.prnewswire.com/media/436580/Workhorse_Group_Inc_Logo.jpg

The Note will rank pari passu with Workhorse's Senior Secured Convertible Note issued in December 2019 and senior to all other debt and is convertible into common stock by the investor at $19.00 per share, or 131% of the closing price of Workhorse's common stock on June 29, 2020. The Note matures on July 1, 2023 and contains a 4.5% annualized coupon to be paid quarterly in either cash or stock beginning October 1, 2020. In addition, Workhorse may be required to redeem up to $3.5 million of principal in monthly installments in either cash or stock beginning October 1, 2020.

"With this note in place, we have much greater financial flexibility to support our current and future production needs," said Workhorse CEO Duane Hughes. "Heading into the second half of the year, we'll be looking to meet our previously stated annual delivery target, which should have us in a strong position to accelerate our production ramp into 2021. Successful vehicle production and delivery should also lead to additional orders as we demonstrate our ability to meet our current demand and provide road-ready last-mile delivery EVs."

Workhorse CFO Steve Schrader added: "This financing will also allow us to continue to pursue a credit revolver, which we believe is the best financing vehicle for ramping up production. We expect these proceeds to provide corporate operating funds for the foreseeable future."

For additional details regarding the agreement, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on June 30, 2020.

About Workhorse Group Inc. Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.

Forward-Looking StatementsThis press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to satisfy covenants in our financing agreements; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our inability to satisfy our customer warranty claims; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:

Mike DektasCreative Storm PR513-266-3590mike@creativestorm.com

Workhorse Investor Relations Contact:

Matt Glover and Tom ColtonGateway Investor Relations949-574-3860WKHS@gatewayir.com

https://c212.net/c/img/favicon.png?sn=CL50417&sd=2020-06-30

View original content to download multimedia:http://www.prnewswire.com/news-releases/workhorse-secures-70-million-financing-from-institutional-investor-301085944.html

SOURCE Workhorse Group Inc.

https://rt.prnewswire.com/rt.gif?NewsItemId=CL50417&Transmission_Id=202006300920PR_NEWS_USPR_____CL50417&DateId=20200630

comtex tracking

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.