Workhorse Group Inc. (NASDAQ: WKHS) shares were trading higher Monday after the company entered into subscription agreements with institutional investors for a private offering resulting in proceeds of $25 million.
Workhorse Group shares were trading up by 1.37 percent at $2.31 at the time of publication.
The Cincinnati, Ohio-based technology company focuses on providing sustainable and electric-mobility solutions to the transportation sector.
The proceeds from the private offering will be used for general working capital and research and development, allowing the company to focus on finalizing the R&D associated with the N-GEN electric delivery vehicle.
"This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog and will enable us to make significant strides in our strategic vision of being a leader in the electric last mile delivery space," CEO Duane Hughes said in a press release.
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Photo courtesy of Workhorse.
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