Written by Cláudio Afonso | LinkedIn | X
The troubled electric vehicle (EV) startup Workhorse announced on Tuesday that secured a Sourcewell contract for the procurement of Class 4-8 chassis and cabs, along with related equipment, accessories, and services across all 5o states and Canada.
Sourcewell is a government agency established by the Minnesota legislature as a local unit of government that operates as a service cooperative.
Its mission is to streamline the procurement process by consolidating the purchasing power of numerous agencies into a single cooperative group.
The stock is trading 20 percent higher $1.99 per share following the news as it continues the rebound from the all time low of $1.285 reached on July 5. However, year to date losses still amount up to 73%.
Ryan Gaul, Workhorse President of Commercial Vehicles, commented, “We are honored to be awarded by Sourcewell as an approved provider. Sourcewell’s streamlined purchasing process satisfies the legal requirement of the traditional bidding process, enabling our customers to quickly and efficiently acquire zero-emission vehicles that meet their operational requirements”.
“Municipalities across the nation are leading the way in the transition to zero-emissions fleets and this contract will allow Workhorse to work with them efficiently to deploy the vehicles they need to meet their plans,” Gaul added.
Earlier this month, the company said that its recent reverse stock split allowed the stock to comply with the Nasdaq listing rules.
The company received formal notification from Nasdaq confirming that the it has regained compliance with the minimum bid price requirement of $1.00 per share.
Both Nikola and Workhorse were recently informed of their impending removal from the Russell 3000 Index, as per the preliminary list of additions and deletions posted by FTSE Russell.
Written by Cláudio Afonso | LinkedIn | X
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