Workhorse Group Inc. (WKHS) confirmed that its shareholders voted to approve the merger with Motiv Electric Trucks at the company’s 2025 Annual Meeting held on November 25 2025. The vote cleared a key hurdle, allowing the combined company to move forward toward closing the transaction in the coming weeks once customary conditions—such as a new debt facility and Nasdaq approval—are satisfied.
The all‑stock deal will combine Workhorse’s W56 step‑van platform with Motiv’s broader product portfolio, creating a North American leader in the medium‑duty electric truck market. The combined entity will target the $23 billion Class 4‑6 truck segment, leveraging Workhorse’s proven step‑van architecture and Motiv’s extensive fleet experience to broaden product range, achieve scale, and unlock cost synergies that could strengthen profitability and competitive positioning.
Workhorse’s financial performance in the past year has shown a narrowing of losses, with Q3 2025 revenue at $2.4 million and a net loss of $7.8 million compared with Q3 2024 revenue of $2.5 million and a net loss of $25.1 million. The improvement was driven by strategic financial maneuvers, including a $20 million sale‑leaseback of the Union City facility and a $5 million convertible note, which provided liquidity and reduced debt burden.
CEO Rick Dauch emphasized that the merger will “better serve our blue‑chip customer base” and “enable shareholders to benefit from the upside potential of a combined company.” Motiv CEO Scott Griffith added that the partnership would “strengthen our ability to reduce the cost of electric trucks and make the total cost of ownership even more compelling,” positioning the combined firm to accelerate adoption of medium‑duty EVs by achieving cost parity with internal‑combustion and diesel competitors.
The transaction is structured so that Motiv’s controlling investor will own approximately 62.5 % of the combined company, Workhorse shareholders about 26.5 %, and the senior secured lender about 11 %. Workhorse has secured $20 million from the sale‑leaseback and $5 million in convertible notes, providing immediate liquidity to support the merger and future growth initiatives.
Market reaction to the shareholder approval has been positive, driven by investor confidence that the combined entity will deliver scale, broaden product offerings, and unlock cost synergies. Analysts have noted that the merger could accelerate the widespread adoption of medium‑duty electric trucks by achieving cost parity and offering compelling long‑term value to fleet customers.
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