<SEC-DOCUMENT>0001213900-25-110544.txt : 20251114
<SEC-HEADER>0001213900-25-110544.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114121952
ACCESSION NUMBER:		0001213900-25-110544
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

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:		251483480

	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>ea0265804-defa14a_work.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
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<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>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"><B>&nbsp;</B></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>

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    <TD STYLE="font-size: 10pt">Preliminary Proxy Statement</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="font-size: 10pt">Definitive Additional Materials</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt">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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>WORKHORSE GROUP INC.</B></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"><B>&nbsp;</B></P>

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

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    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="font-size: 10pt">No fee required</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; text-align: left; 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>On November 13, 2025, 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"><B>Workhorse&ndash;Motiv Merger: Employee Q&amp;A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Merger</B></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>Q: Where are we with the shareholder vote?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B> As of today, a
significant number of Workhorse shareholder votes have already been received and are strongly in favor of the merger and other related
proposals. However, we have not yet reached a quorum&mdash;meaning the minimum number of total shares required to officially validate
the vote. As a result, the Annual Meeting has been adjourned until <B>November 25, 2025</B>, to allow additional time for remaining shareholders
to cast their votes. We are confident that this extension will give us the time needed to finalize approvals later this month.</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>Q: Why are we pursuing this merger?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B> The electric truck industry
has faced headwinds over the past year, including slower-than-expected adoption, higher up-front costs, and limited access to outside
funding. Combining Workhorse and Motiv strengthens our position across all three areas by expanding our reach with fleet customers, lowering
total cost of ownership through greater scale, and improving access to new investment opportunities. Together, we&rsquo;ll be stronger
and better equipped to compete and grow.</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>Q: How long after the vote will it take to close the transaction?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B>
Once shareholder approvals are validated at the Annual Meeting, we expect the transaction to close within approximately two weeks.</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>Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q: Will there be any changes to Workhorse stock or long-term incentives?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>A:
Workhorse will remain a publicly traded company under the ticker WKHS. Following the merger, the new Board of Directors plans to introduce
an updated long-term incentive equity program in 2026 for eligible employees of the combined company.</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"><B>Employment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q: When will we learn about the new organizational structure?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B>
The leadership team and functional organization for the combined company will be announced shortly after the merger closes. As previously
announced, Scott Griffith will serve as CEO of the combined company.</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>Q: Where will the company be headquartered?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B> The combined
company&rsquo;s main headquarters will be located in the Detroit metro area. After closing, employees at Motiv&rsquo;s Novi location
will move to the Wixom office, where operations will continue until the location for a new corporate headquarters and development center
is finalized. The goal is to secure a long-term site in the Detroit area that fits our needs for collaboration, growth, and innovation.</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>Q: What will happen with other Workhorse and Motiv locations?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:
</B>We will take a phased approach to managing and consolidating our facilities to ensure a smooth transition and continued operational
efficiency. Workhorse&rsquo;s Union City, Indiana facility will remain central to manufacturing and production, with plans to expand
operations and add new team members. We expect to maintain a small presence for local employees in Cincinnati, where our current headquarters
are located.</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">California remains an important market for our customers and long-term
business strategy. To strengthen our presence there, Motiv&rsquo;s current California headquarters and other facilities will be consolidated
into a single Customer Experience Center (CEC) by the end of Q3 2026. The CEC will serve as a hub for customer engagement, demonstrations,
and ongoing fleet support.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q: Will there still be flexibility for remote work?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A:</B> Our goal
is to build strong, connected teams in a small number of key office and production locations. Many roles will continue to offer flexibility
based on job requirements, but our overall direction is to strengthen in-person collaboration where it supports our shared goals.</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>Benefits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Q: What happens to our benefits, PTO, and other policies after the
merger closes?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A: </B>All existing Workhorse benefits, PTO, and company policies
will remain in place when the merger closes. There will be no immediate changes to employee benefits, compensation, or employment status
as a result of the transaction. Any future updates to benefit plans or policies will be communicated well in advance.</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>Workhorse&rsquo;s
2026 Open Enrollment will begin on November 17, </B>with informational sessions scheduled throughout that week. This is a routine annual
process, and all current benefit programs will continue without interruption.</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"><B>Additional Information and Where to Find It</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">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>www.ir.workhorse.com</U></I>.
&nbsp;</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>Participants in the Solicitation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">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>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>www.sec.gov</U>,
or by directing a request to Workhorse at the address above, or at&nbsp;<U>www.ir.workhorse.com</U>.</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>Cautionary Note Regarding Forward-Looking Statements</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">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;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">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>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.</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>No Offer or Solicitation</B></P>

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

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

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

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

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