On Thursday Workhorse Group Inc. (NASDAQ:WKHS) stock raised 27.24% and closed at 3.13. The stock opened the session at $2.45 and touched its highest price point at $3.28. Its recent trading capacity is 8483400 shares versus to its average trading volume of 1399391 shares. The company’s stock’s lowest price point for the session stood at $2.14. WKHS traded as low as $ in the past 52 weeks, and shares hit its peak level to $5.37.
On Nov. 7, 2019, Workhorse Group Inc. (NASDAQ:WKHS) an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, has entered into an intellectual property licensing agreement (IPLA) with Lordstown Motors Corp. (LMC), a private corporate entity founded by former Workhorse CEO Steve Burns.
The LMC entity was created in connection with, and for the purpose of, acquiring the General Motors (GM) manufacturing facility located in Lordstown, Ohio. LMC intends to manufacture electric trucks in Lordstown.
Under the terms of the IPLA, Workhorse is granting LMC a three-year exclusive license of certain intellectual property relating to the Company’s W-15 electric pickup truck in exchange for an initial equity stake of 10% in LMC, which will be anti-dilutive for two years. Going forward, Workhorse is entitled to a license fee equal to 1% of the gross sales price of each LMC truck sold, up to the first 200,000 units. LMC has agreed to pre-pay a portion of the license fee in an amount equal to 1% of the aggregate debt and equity commitments LMC intends to raise. Once the pre-payment has been amortized over actual production, LMC will pay on a per unit shipped basis up to the 200,000 unit cap. Workhorse will receive an additional 4% commission on the gross sales price of trucks sold which fulfill the 6,000 pre-orders for the W-15 transferred from the Company to LMC.
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