American technology company Workhorse Group Inc. (NASDAQ: WKHS) has closed its previously announced underwritten public offering of 9.0m shares of its common stock at a price of USD 1.15 per share for a total consideration of USD 10.35m, the company said.
Workhorse has granted the underwriter a 45-day over-allotment option to purchase up to 1.35m additional shares of its common stock at the public offering price. All of the common stock was offered by the Company.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation acted as sole book running manager for the offering.
The gross proceeds from the offering, excluding the exercise of the over-allotment option, were approximately $10.35 million, excluding underwriting discounts and commissions and other offering-related expenses.
Workhorse intends to use the net proceeds from the offering primarily for inventory, working capital and general corporate purposes.
Workhorse Group Inc. is a technology company focused on providing electric mobility solutions to the transportation sector. focused on changing the way the world works by providing sustainable and cost-effective transportation solutions,