William Repny LLC agreed to acquire Indiana manufacturing facility and campus in Union City of Workhorse Group Inc.(NasdaqCM:WKHS) for approximately $34.5 million.

William Repny LLC agreed to acquire Indiana manufacturing facility and campus in Union City of Workhorse Group Inc. (NasdaqCM:WKHS) for approximately $34.5 million on January 31, 2024. As per the terms, consideration of $0.5 million (the ?Initial Deposit"); and the Initial Deposit together with the Additional Deposit (as hereinafter defined), when made, and any interest earned on such amount(s), the ?Deposit?) shall be paid by Purchaser to Adar Land & Tree Abstract Inc. (the ?Escrow Agent?) within two (2) business days after the Effective Date. Within two (2) business days after the expiration of the Inspection Period (as hereinafter defined) and if this Agreement has not been terminated as provided herein, Purchaser shall deliver an additional deposit of $0.5 million(the ?Additional Deposit?) to Escrow Agent and the balance of the Purchase Price, after deducting the Deposit, shall be paid at the Closing, plus or minus prorations and adjustments to be made pursuant to and in accordance with this Agreement, in good immediately available United States funds by wire transfer to a bank account or accounts to be designated in writing by the Title Company prior to the Closing for transfer on the Closing Date (as hereinafter defined) to an account or accounts designated in writing by Seller.

The closing is subject to Purchaser performing satisfactory due diligence on the Property, obtaining financing and other customary closing conditions. There is no assurance at this time that the Purchaser will purchase the Property. As of March 12, 2024, the transaction is expected to close in May 2024.

The Company plans to use the proceeds for general corporate purposes. CBRE acted as a broker and JS Consulting Advisors LLC acted as a consultant to William Repny LLC. Frost Brown Todd LLP and Reiss Sheppe LLP acted as legal advisor to William Repny LLC.