Form 4: Workhorse Group CFO Robert Ginnan Relinquishes Shares for Tax Withholding After Reverse Stock Split

Workhorse Group's CFO, Robert Ginnan, relinquished 244 shares of common stock to cover estimated tax withholding for previously granted restricted shares following a 1-for-20 reverse stock split.

Summary

• On July 4, 2024, Robert Ginnan, CFO of Workhorse Group Inc., relinquished 244 shares of common stock to cover estimated tax withholding for restricted shares that had previously vested.
• The shares were relinquished at a price of $1.36 per share.
• Following the transaction, Ginnan directly owns 64,223 shares of Workhorse Group Inc.
• On June 17, 2024, Workhorse Group Inc. executed a 1-for-20 reverse stock split, which reduced the number of shares held by the reporting person and proportionately adjusted outstanding equity awards.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a standard transaction. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, such as the CFO, and their holdings in the company. Reverse stock splits are often used by companies to increase their stock price to meet minimum listing requirements or to make the stock more attractive to investors.

Stakeholder Impact

• The reverse stock split may impact shareholders by reducing the number of shares they hold, but it should not affect the overall value of their holdings immediately.
• The relinquishment of shares by the CFO to cover tax withholding has a negligible impact on the company's financials.

Key Dates