Workhorse Group Inc. has recently unveiled its latest innovation, the W56 Extended Wheelbase Version, featuring a 208-inch wheelbase. This new variant is designed to accommodate Workhorse’s next-generation step van body, which offers a cargo volume of 1,200 cubic feet across its 22-foot span.

According to Josh Anderson, Workhorse's Chief Technology Officer, "The 208-inch wheelbase W56 is a testament to our commitment to continuous innovation to meet the evolving needs of our customers. We’ve added over one hundred refinements to this new variant of the W56, designed to provide enhanced efficiency and easier upfitting."

Retaining the features that have been well received by fleet managers and operators, according to the manufacturer, the W56 builds upon the success of its predecessor with a 178-inch wheelbase. It is a zero-emission delivery work van designed to meet the rigorous demands of the commercial vehicle industry, boasting a benchmark payload capacity of up to approximately 10,000 pounds and a range of up to 150 miles. The ergonomically designed cabin prioritizes driver safety and comfort, even during the longest work shifts.

Workhorse has already secured an order for the extended wheelbase W56 from a customer who "was impressed by the technical superiority of the W56 platform and the excellent service and support provided by the Company," according to a release.

Standard production of the 208-inch wheelbase W56 is scheduled to begin in the third quarter of 2024 at Workhorse’s Union City, Indiana, assembly complex, alongside the 178-inch wheelbase W56, launched in the third quarter of 2023. 

Initial customer deliveries of the 208-inch wheelbase W56 are anticipated in the fourth quarter of 2024.

Regaining NASDAQ Compliance

In additional news, Workhorse also announced the receipt of a formal notification from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price of $1 per share, as required by Listing Rule 5550(a)(2).

As previously disclosed, the Company received notice from Nasdaq on September 22, 2023 indicating that the closing bid price for Workhorse’s common stock had fallen below the minimum bid price for continued listing for 30 consecutive trading days and was no longer in compliance with the minimum bid requirement.  As also previously disclosed, on March 21, 2024, the Company received notice from Nasdaq granting the Company’s request for a 180-day extension to regain compliance with the minimum bid requirement.

To regain compliance, the Company was required to have a minimum closing bid price of at least $1.00 per share for ten consecutive trading days; Nasdaq confirmed today that the Company is now in compliance with Listing Rule 5550(a)(2).

The Company effected a 1-for-20 reverse stock split of its common stock on June 17, 2024, intended to increase the market price of Workhorse’s common stock, after which the common stock began trading on a split-adjusted basis.