U.S. Workhorse raises around $10.35 mln in share offering

Workhorse, a U.S.-based technology company, has closed its previously announced underwritten public offering of 9 million shares of its common stock at a price of $1.15 per share.

The gross proceeds from the offering, excluding the exercise of the over-allotment option, were approximately $10.35 million, excluding underwriting discounts and commissions and other offering-related expenses.

Workhorse intends to use the net proceeds from the offering primarily for inventory, working capital and general corporate purposes. In addition, the company has granted the underwriter a 45-day over-allotment option to purchase up to 1.35 million additional shares of its common stock at the public offering price.

National Securities Corporation acted as sole book-running manager for the offering.