Why Workhorse Group's Stock Plunged 39.2% in October
Shares of Workhorse Group (NASDAQ: WKHS) fell by a whopping 39.2% in October, according to data provided by S&P Global Market Intelligence. The price of the electric delivery and utility vehicle maker's stock is up modestly so far in November, but the quarterly earnings report it released early on Monday didn't help.
The only significant news about the company in October was its announcement of a $200 million financing deal with Antara Capital as the lead investor. Funds are for 4% convertible notes, which would convert to stock at $35.29 per share. This could potentially dilute Workhorse's shareholders down the road, but it's also funding the company will require in order to ramp up production capacity.
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Source Fool.com
