On the risk of delisting of ordinary shares of Workhorse Group Inc. (WKHS)

The International Trading System Limited (hereinafter – ITS) hereby informs on the delisting risk of ordinary shares of Workhorse Group Inc. (ISIN US98138J2069, hereinafter – Shares, QI) from The Nasdaq Stock Market LLC (hereinafter – Nasdaq).

Information on delisting risk of ordinary shares by Nasdaq

As previously disclosed, on September 22, 2023, Workhorse Group Inc. (hereinafter — the Company) received notice from Nasdaq that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the minimum bid price of the Company’s common stock had been below $1.00 per share for the last 30 consecutive business days.

On March 22, 2024, the Company submitted Current report on Form 8-K to The United States Securities and Exchange Commission (the “SEC”). According to the report, on March 22, 2024, the Company received notice from Nasdaq, granting the Company’s request for a 180-day extension or until September 16, 2024 to regain compliance with the Minimum Bid Price Requirement.

To regain compliance, the closing bid price for the Common Stock must be at least $1.00 per share for a minimum of ten consecutive business days before the Compliance Date. If the Company fails to regain compliance prior to the expiration of the extension period, Nasdaq will provide written notification that the Company’s securities will be delisted. For more information, please refer to the report available on the SEC website.

Information regarding possible actions to be taken by ITS Ltd.

ITS conducts regular monitoring of the relevant information disclosed by the Company. Delisting of the Shares by Nasdaq will be considered to constitute a breach of the ITS Regulations on admitting financial instruments to trading and result in termination of trading in the QI on ITS. In case Nasdaq decides to suspend trading in the Shares until the date of their delisting on Nasdaq, ITS may make a similar decision.