Workhorse is urging its shareholders to get their votes in ahead of its November 25 annual meeting, saying the outcome could decide the company’s future and the future availability of its electric work trucks.

The company is asking investors to approve its planned merger with Motiv Electric Trucks, a move Workhorse has framed as essential for stabilizing finances, expanding its product portfolio, and competing in the medium-duty EV market. Shareholders of record as of September 18 are eligible to vote, and Workhorse is pushing for participation so the meeting reaches quorum.

According to the company’s latest letter, investors who have already voted are strongly supporting the deal, but Workhorse says it needs more votes submitted for the transaction to officially move forward.

What the Motiv Transaction Would Do

Back in August, Workhorse and Motiv announced a definitive agreement to combine the two companies, creating what they say would be a stronger North American medium-duty electric truck manufacturer.

The combined company would bring together:

• Workhorse’s dealer network, manufacturing capabilities, and existing EV platforms

• Motiv’s medium-duty Class 4-6 product portfolio and established fleet relationships

Both companies said the merger would help lower unit costs, expand offerings for fleets, and strengthen financial footing through improved scale and a simplified capital structure. Motiv CEO Scott Griffith is expected to lead the combined company, while Workhorse CEO Rick Dauch would remain on as an advisor.

What Happens If Shareholders Don’t Approve the Deal

This is the part fleet buyers will want to pay attention to: Workhorse’s latest letter makes it clear that failure to approve the transaction could significantly impact the company’s ability to operate as-is. If shareholders don’t vote and the deal doesn’t close, Workhorse says it would have to pursue a standalone path. 

That standalone path, according to the company, could include a potential restructuring, with Workhorse noting such a scenario would likely result in shareholders’ investment having “little or no value.”

That type of restructuring could also affect Workhorse’s ability to continue producing vehicles, supporting existing fleets, and moving forward with its roadmap.

Why It Matters for Fleets

For fleets currently operating Workhorse vehicles or evaluating future purchases, the outcome of this vote may influence:

• Long-term product support

• Access to future vehicle platforms

• Stability of the manufacturer

• Potential delays or shifts in Workhorse’s production plans

The merger would give the combined company additional liquidity and access to new debt financing, plus more tools to scale production. If the deal fails, Workhorse’s ability to access that capital disappears.