Workhorse Extends Exclusive Talks With US EV Maker Amid Potential Merger Plans

Workhorse Group Inc. (NASDAQ:WKHS) ("Workhorse" or the "Company"), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has entered into a new exclusivity agreement with a privately held U.S.-based manufacturer of electric commercial vehicles (the "Manufacturer") in connection with a previously disclosed potential transaction.

As previously announced, the Company is currently in discussions with the Manufacturer about a potential transaction in which the Manufacturer would be merged into a newly created subsidiary of the Company in exchange for newly issued shares of the Company's common stock (the "Potential Transaction").

In connection with the Potential Transaction, on July 14, 2025, the Company entered into an Exclusivity Agreement (the "Prior Exclusivity Agreement") with the Manufacturer, which provided that, for a period of 14 days and subject to a customary "fiduciary out," the Company would not, among other things, provide information to, negotiate with or enter into a definitive agreement with a third party for an alternative transaction to the Potential Transaction (collectively, the "Restrictions").

On July 28, 2025, the Restrictions under the Prior Exclusivity Agreement expired. On August 4, 2025, the Company entered into a new Exclusivity Agreement (the "New Exclusivity Agreement"), which put the Restrictions on the Company from the Prior Exclusivity Agreement back into place for a period of seven days.