Workhorse Group Inc. entered a binding settlement term sheet to resolve litigation with Coulomb Solutions, Inc. for $4.3 million, to be funded via existing credit facilities.
Key takeaways
The Company agreed to pay a $4.3 million settlement to Coulomb Solutions, Inc. to dismiss the litigation with prejudice.
Final dismissal requires a definitive agreement by April 30, 2026, and payment no later than May 28, 2026.
Management intends to fund the settlement using borrowings under existing credit facilities.
The settlement resolves Case No. 2:24-cv-11048 in the U.S. District Court for the Eastern District of Michigan.