Form 4: Workhorse Group CFO Settles Performance Share Units After Reverse Stock Splits

Robert M. Ginnan, CFO of Workhorse Group Inc., settled Performance Share Units (PSUs) for cash after the achievement of certain performance incentives, following two reverse stock splits.

Summary

• Robert M. Ginnan, the Chief Financial Officer of Workhorse Group Inc., filed a Form 4 indicating changes in beneficial ownership.
• On April 17, 2025, Ginnan settled Performance Share Units (PSUs) that vested upon achieving certain performance incentives.
• The PSUs were granted on February 23, 2022, and settled in cash based on the fair market value of Workhorse's common stock.
• The reported amounts of securities have been adjusted to reflect a cumulative 1-for-250 reverse stock split, which includes a 1-for-20 reverse split on June 17, 2024, and a 1-for-12.5 reverse split on March 17, 2025.
• Ginnan disposed of 238 shares of common stock at a price of $1.31, leaving him with 1,183 shares.

Sentiment

Score: 4

Explanation: The sentiment is neutral to slightly negative due to the reverse stock splits, which often indicate financial difficulties. However, the Form 4 filing itself is a routine event.

Risks

• The reverse stock splits indicate potential challenges in maintaining the stock price and meeting listing requirements.

Industry Context

Form 4 filings are standard disclosures for company insiders and provide transparency regarding their transactions in the company's stock.

Stakeholder Impact

• Shareholders may be concerned about the reverse stock splits and their impact on the stock price.

Key Dates

Keywords

Form 4, Workhorse Group, Ginnan, Performance Share Units, Reverse Stock Split, Beneficial Ownership, Settlement, CFO