ATW Partners LLC agreed to acquire Aero Business of Workhorse Group Inc. on May 20, 2024. As part of the consideration, Workhorse Group does not expect to realize cash proceeds upon the consummation of the sale, it expects the divestiture to provide monthly cost savings of approximately $0.38 million, under which the Workhorse Group would receive a portion of the proceeds if the Aero business realizes revenues from certain contingent sources. The expected completion of the transaction is in the second quarter of 2024.

ATW Partners LLC completed the acquisition of Aero Business of Workhorse Group Inc. on June 6, 2024. Under the agreement?s earn-out provisions, Workhorse will receive a portion of the proceeds if the Aero business realizes revenues from certain contingent sources.