<SEC-DOCUMENT>0001213900-25-100152.txt : 20251020
<SEC-HEADER>0001213900-25-100152.hdr.sgml : 20251020
<ACCEPTANCE-DATETIME>20251020080201
ACCESSION NUMBER:		0001213900-25-100152
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251020
DATE AS OF CHANGE:		20251020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Workhorse Group Inc.
		CENTRAL INDEX KEY:			0001425287
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				261394771
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37673
		FILM NUMBER:		251402353

	BUSINESS ADDRESS:	
		STREET 1:		100 COMMERCE DRIVE
		CITY:			LOVELAND
		STATE:			OH
		ZIP:			45140
		BUSINESS PHONE:		513-360-4704

	MAIL ADDRESS:	
		STREET 1:		100 COMMERCE DRIVE
		CITY:			LOVELAND
		STATE:			OH
		ZIP:			45140

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMP Holding Inc.
		DATE OF NAME CHANGE:	20100525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Title Starts Online, Inc.
		DATE OF NAME CHANGE:	20080128
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea026171803-defa14a_work.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>

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<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a party other than the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Check the appropriate box:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Soliciting Material under &sect; 240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WORKHORSE
GROUP INC. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment of Filing Fee (Check all boxes that apply): </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">No fee required</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Fee computed on table in exhibit required by Item 25(b) per
Exchange Act Rules 14a- 6(i)(1) and 0-11</TD></TR></TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14A filing consists of communications from Workhorse
Group Inc. (&ldquo;Workhorse&rdquo; or the &ldquo;Company&rdquo;), to the Company&rsquo;s employees, customers, partners and analysts
relating to the Agreement and Plan of Merger, dated August 15, 2025, by and among the Company, Motiv Power Systems, Inc., a Delaware corporation
(&ldquo;Motiv&rdquo;), Omaha Intermediate 2, Inc., a Delaware corporation, Omaha Intermediate, Inc., a Delaware corporation, and Omaha
Merger Subsidiary, Inc., a Delaware corporation (the &ldquo;Merger Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Today, the following communication was distributed by the Company:</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LinkedIn
/ Facebook </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workhorse
shareholders: Check out our video of Workhorse CEO Rick Dauch and Motiv CEO Scott Griffith talking about our companies&rsquo; compelling
combination. Together, Workhorse and Motiv will be positioned to win the medium-duty EV market, deliver unmatched value to fleets, and
create lasting growth for shareholders. In order for Workhorse to complete the transaction with Motiv, and for Workhorse shareholders
to participate in the potential upside of the combined company, we need your vote <B>FOR</B> all nine proposals at the upcoming Annual
Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watch
the full video and learn how to vote here: www.VoteWKHS.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X
/ Twitter</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Post
1: </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workhorse
shareholders: Check out our new video from Workhorse CEO Rick Dauch and Motiv CEO Scott Griffith at www.VoteWKHS.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Post
2:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watch
CEOs Rick and Scott explain why Workhorse and Motiv will be positioned to win the medium-duty EV market and create lasting shareholder
value: www.VoteWKHS.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Post
3: </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTION
NEEDED: Vote today <B>FOR</B> all nine proposals at the upcoming Annual Meeting. Learn more: www.VoteWKHS.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
Information and Where to Find It</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workhorse
has filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a definitive proxy statement on Schedule 14A (the
&ldquo;Definitive Proxy Statement&rdquo;) and a proxy card with respect to its solicitation of proxies for Workhorse&rsquo;s 2025 Annual
Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;). The Definitive Proxy Statement contains important information about the matters
to be voted on at the Annual Meeting. <B>STOCKHOLDERS OF WORKHORSE ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT WORKHORSE HAS FILED OR WILL FILE WITH THE SEC
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT WORKHORSE AND THE MATTERS TO BE VOTED ON AT THE ANNUAL MEETING. </B>Stockholders
are able to obtain a free copy of the Proxy Statement and other relevant documents once such documents are filed with the SEC from the
SEC&rsquo;s website at www.sec.gov, or by directing a request by mail to Workhorse Group Inc., 3600 Park 42 Drive, Suite 160E, Sharonville,
Ohio 45241, or from the Workhorse&rsquo;s website at&nbsp;<I><U STYLE="text-decoration: none">www.ir.workhorse.com</U></I>. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participants
in the Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Workhorse
and certain of its directors and officers may be deemed to be &ldquo;participants&rdquo; in the solicitation of proxies in respect of
the matters to be considered about the Annual Meeting. Information concerning the directors and officers of Workhorse and interests of
the persons who may be considered &ldquo;participants&rdquo; in the solicitation is set forth in Amendment No. 1 to Workhorse&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2024, including under the headings &ldquo;Item 10. Directors, Executive Officers
and Corporate Governance&rdquo;, &ldquo;Item 11. Executive Compensation&rdquo;, &ldquo;Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters&rdquo; and &ldquo;Item 13. Certain Relationships and Related Transactions, and
Director Independence&rdquo;, filed with the SEC on April 30, 2025, and available at&nbsp;<U STYLE="text-decoration: none">https://www.sec.gov/ix?doc=/Archives/edgar/data/1425287/000121390025037631/ea0239686-10ka1_workhorse.htm</U>.
Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed
transaction when such materials become available. Investors should read the proxy statement carefully when it becomes available before
making any voting or investment decisions. Copies of these documents can be obtained, without charge, at the SEC&rsquo;s website at&nbsp;<U STYLE="text-decoration: none">www.sec.gov</U>,
or by directing a request to Workhorse at the address above, or at&nbsp;<U STYLE="text-decoration: none">www.ir.workhorse.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cautionary
Note Regarding Forward-Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
communication contains &ldquo;forward-looking statements&rdquo; within the meaning of Section 21E of the Exchange Act, and the Private
Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included or incorporated
by reference in this communication, including, among other things, statements regarding the proposed merger transaction between Workhorse
and Motiv, future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed
transaction, the anticipated impact of the proposed transaction on the combined company&rsquo;s business and future financial and operating
results, the expected amount and timing of synergies from the proposed transaction, the anticipated closing date for the proposed transaction
and other aspects of the combined company&rsquo;s operations or operating results are forward-looking statements. Forward-looking statements
may be identified by the use of the words &ldquo;believe&rdquo;, &ldquo;plan&rdquo;, &ldquo;expect&rdquo;, &ldquo;estimate&rdquo;, &ldquo;budget&rdquo;,
&ldquo;schedule&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;target&rdquo;, &ldquo;project&rdquo;,
&ldquo;contemplate&rdquo;, &ldquo;predict&rdquo;, &ldquo;potential&rdquo;, or &ldquo;continue&rdquo;, and similar words or variations
of such words and phrases or state that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
&ldquo;should&rdquo;, &ldquo;might&rdquo;, &ldquo;will&rdquo; or &ldquo;will be taken&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo;.
However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement,
Workhorse expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed
to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance
and involve certain risks, uncertainties and other factors beyond the parties&rsquo; control. Therefore, actual outcomes and results
may differ materially from what is expressed or forecast in the forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following risks and uncertainties, among others, could cause actual results or events to differ materially from those described in forward-looking
statements: the parties&rsquo; ability to successfully integrate their businesses and technologies, which may result in the combined
company not operating as effectively and efficiently as expected; the risk that the expected benefits and synergies of the proposed transaction
may not be fully achieved in a timely manner, or at all; the risk associated with Workhorse&rsquo;s ability to obtain the approval of
its shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including
the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close
for any other reason or to close on the anticipated terms; the risk that any regulatory approval, consent or authorization that may be
required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the occurrence of
any event, change or other circumstance that could give rise to the termination of the proposed transaction; unanticipated difficulties,
liabilities or expenditures relating to the transaction; the effect of the announcement, pendency or completion of the proposed transaction
on the parties&rsquo; business relationships and business operations generally; the effect of the announcement or pendency of the proposed
transaction on Workhorse&rsquo;s common stock prices and uncertainty as to the long-term value of the combined company&rsquo;s common
stock; risks that the proposed transaction disrupts current plans and operations of the parties and their respective management teams
and potential difficulties in hiring or retaining employees as a result of the proposed transaction; our ability to develop and manufacture
our product portfolio, including the W4 CC, W750, and W56 and other programs; our ability to attract and retain customers for our existing
and new products; ongoing and anticipated changes in the U.S. political environment, including those resulting from the new Presidential
Administration, control of Congress, and changes to regulatory agencies; the implementation of changes to the existing tariff regime
by the new Presidential Administration and measures taken in response to such tariffs by foreign governments; risks associated with obtaining
orders and executing upon such orders; the unavailability, reduction, elimination or adverse application of government subsidies and
incentives or any challenge to or failure by the federal government, states or other governmental entities to adopt or enforce regulations
such as the California Air Resource Board&rsquo;s Advanced Clean Fleet regulation; changes in attitude toward environmental, social,
and governance matters among regulators, investors, and parties with which we do business; supply chain disruptions, including constraints
on steel, semiconductors and other material inputs and resulting cost increases impacting us, our customers, our suppliers or the industry;
our ability to capitalize on opportunities to deliver products to meet customer requirements; our limited operations and need to expand
and enhance elements of our production process to fulfill product orders; our general inability to raise additional capital to fund our
operations and business plan; our ability to receive sufficient proceeds from our current and any future financing arrangements to meet
our immediate liquidity needs and the potential costs, dilution and restrictions resulting from any such financing; our ability to maintain
compliance with the listing requirements of the Nasdaq and the impact of any steps we have taken, including reverse splits of our common
stock, on our operations, stock price and future access to funds; our ability to protect our intellectual property; market acceptance
of our products; our ability to obtain sufficient liquidity from operations and financing activities to continue as a going concern and,
our ability to control our expenses; the effectiveness of our cost control measures and impact such measures could have on our operations,
including the effects of furloughing employees; potential competition, including without limitation shifts in technology; volatility
in and deterioration of national and international capital markets and economic conditions; global and local business conditions; acts
of war (including without limitation the conflicts in Ukraine and the Middle East) and/or terrorism; the prices being charged by our
competitors; our inability to retain key members of our management team; our inability to satisfy our customer warranty claims; the outcome
of any regulatory or legal proceedings, including with Coulomb Solutions Inc.; our ability to realize the benefits of the sale and leaseback
transaction of our Union City Facility; and other risks and uncertainties and other factors discussed from time to time in our filings
with the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
information on these and other factors that may cause actual results and Workhorse&rsquo;s performance to differ materially is included
in Workhorse&rsquo;s periodic reports filed with the SEC, including, but not limited to, Workhorse&rsquo;s Annual Report on Form 10-K
for the year ended December 31, 2024, including those factors described under the heading &ldquo;Risk Factors&rdquo; therein, and Workhorse&rsquo;s
subsequent Quarterly Reports on Form 10-Q. Copies of Workhorse&rsquo;s filings with the SEC are available publicly on the SEC&rsquo;s
website at&nbsp;<U STYLE="text-decoration: none">www.sec.gov</U>&nbsp;or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these
forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as
of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update
or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Offer or Solicitation</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
communication is not intended to and does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities,
or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
offering of securities will be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended,
or an exemption therefrom.</FONT></P>

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