Workhorse Group Inc ( WKHS ) shares are bouncing around in early trading Wednesday after the company announced it regained compliance with Nasdaq rules.

What Happened: Workhorse announced Wednesday morning that it received formal notification from the Nasdaq that the company regained compliance with Nasdaq rules that require companies to maintain a minimum bid price of $1 per share.

Workhorse previously received notice from the Nasdaq on Oct. 2 that it was no longer in compliance with Nasdaq rules. To regain compliance, the company was required to maintain a minimum closing bid price of at least $1 per share for 10 consecutive trading days.

Workhorse effected a 1-for-12.5 reverse stock split on March 17 to increase the market price of its common stock. Every 12.5 shares of the company's common stock was automatically combined into one share of common stock. Fractional shares resulting from the reverse split were rounded up to the nearest whole share.

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Workhorse reported financial results for 2024 on Monday. The company missed analyst estimates on the top and bottom lines as it focused on cost reductions and other actions to lower its cash burn.

“We are confident in the value of our high-performing and cost-efficient products and remain optimistic about the long-term market opportunity for the transition to EV technologies in the Class 4-6 work truck segment,” CEO Rick Dauch said earlier this week.

“We will continue to focus on executing our product roadmap and taking the right steps to create long-term value for our shareholders.”

WKHS Price Action: Workhorse Group ( WKHS ) shares were down 5.27% at $1.60 at the time of publication Wednesday, according to Benzinga Pro.