Lender Magness Gets 1.5M Warrants at $10 Strike, Boosting Stake to 65.4%
WKHS sits 36% above its 52-week low of $2.31.
Summary
Workhorse's primary lender Gary Magness received 1.5 million warrants at a $10.00 strike price as part of recent credit line increases, lifting his group's beneficial ownership to 65.4% of the company.
Key Events · Ownership and Investor Activity · WKHS
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1.5M Warrants Issued to Lender
MGMH II received warrants to purchase 1.5 million shares at $10.00 per share, exercisable immediately and expiring in five years, as consideration for the June 16 and August 11, 2026 credit agreement amendments.
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Ownership Rises to 65.4%
Including the 1.5 million warrant shares, the Magness group beneficially owns 8,129,800 shares, or 65.4% of the 10,928,585 shares outstanding as of August 10, 2026.
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Warrants Deeply Out of the Money
The $10.00 exercise price is more than triple the current $3.14 share price, so the warrants have no immediate exercise value and represent potential future dilution only if the stock appreciates significantly.
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Lender Consolidates Control
The warrant issuance further concentrates equity control with the company's primary lender, who has now provided $40 million in cash flow credit capacity across multiple amendments since April 2026.
Analysis · WKHS · Manufacturing
Gary Magness and his entities received 1.5 million warrants with a $10.00 exercise price as consideration for the two $10 million credit line increases Workhorse secured in June and August 2026. The warrants are immediately exercisable and expire in five years. Including these warrant shares, the Magness group now controls 65.4% of Workhorse's outstanding shares, up from their prior position. The $10.00 strike price is more than triple the current $3.14 share price, meaning the warrants are deeply out of the money today and unlikely to be exercised near-term. However, the filing confirms the lender's growing equity stake in a company that just reported a going concern warning and a $20.2 million quarterly loss.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 29.6% of the 2856 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WKHS was trading at $3.14 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $34.3M. The 52-week trading range was $2.31 to $18.06. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.