Workshore Group’s shareholders approved the company’s planned merger with Motiv Electric Trucks, the companies announced Nov. 25.
The merger is part of the companies’ effort to accelerate the development and wider rollout of medium-duty electric trucks. The deal is expected to close in the coming weeks, subject to final conditions, including the entrance by Workhorse and Motiv’s largest investor into a new debt financing facility and the receipt of approval from Nasdaq.
“We appreciate the support of our shareholders as we reach this important milestone in our pending merger with Motiv to create a leader in the medium-duty EV commercial vehicle market,” said Rick Dauch, CEO of Workhorse, in a news release. “We are now poised to complete the transaction and officially bring together two innovators in the medium-duty electric vehicle space and better serve our blue-chip customer base. We look forward to enabling our shareholders to benefit from the upside potential of our combined company.”
