11:14 AM EDT, 08/15/2025 (MT Newswires) -- Workhorse Group ( WKHS ) said Friday it agreed to merge with electric vehicle manufacturer Motiv Electric Trucks in an all-stock transaction.

Upon completion of the transaction, Motiv's controlling investor will become the majority owner of the combined company, with Workhorse shareholders maintaining a significant equity stake.

The company completed a sale leaseback and obtained convertible note financing in connection with the merger agreement. On an as-converted basis and including the value of those transactions, the combined company is valued at about $105 million, the company said.

The transaction is expected to close in Q4.

Motiv CEO Scott Griffith is expected to serve as CEO of the combined company, while Workhorse CEO Rick Dauch is expected to become an advisor, according to the company.

Shares of Workhorse were down more than 3% in recent trading.

Price: 1.71, Change: -0.06, Percent Change: -3.33