30 Dec '17, 6pm

Workhorse Group Spinning Off Aviation Division (SureFly)

“Under the terms of the note purchase agreement, Workhorse will issue notes with an aggregate principal amount of $5.75 million at a purchase price equal to $5 million. The notes are non-convertible, but are expected to be exchanged, ultimately, into new convertible preferred stock, and warrants to purchase shares of common stock of SureFly, Inc. The preferred stock will be convertible into shares of SureFly, Inc common stock based on a pre-money valuation of approximately $33 million.”

Full article: https://cleantechnica.com/2017/12/30/workhorse-group-spin...

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