Reported 6 months ago
Workhorse Group, an electric truck maker, is facing dire financial challenges less than three months after a positive visit to their plant. The company has laid off 20% of its workforce, faces issues with inventory and low cash reserves. Shares are trading at around 20 cents and could be delisted from Nasdaq if prices don't rise by September. Workhorse is considering a reverse split, and selling off its drone business and manufacturing plant. The company has pending orders and is focusing on transitioning to EV technologies to generate revenue, but faces stiff competition in the market.
Source: YAHOO