WKHS Shares Surge 37.6% Pre-Market on Proposed Merger with Motiv to Strengthen EV Market Position

Workhorse Group Inc. (WKHS) surged 37.6451% in pre-market trading on November 19, 2025, amid heightened anticipation for its proposed merger with Motiv, a strategic move aimed at solidifying its position in the medium-duty electric vehicle (EV) market.

The company is intensifying efforts to secure shareholder approval for the transaction ahead of its November 25 annual meeting. Shareholders of record as of September 18 are urged to vote, with the company warning that failure to achieve a quorum could trigger a standalone path—including potential restructuring—that risks eroding shareholder value. Workhorse emphasized that early voters have shown strong support, but time is critical: the deadline for advance voting closes at 11:59 p.m. ET on November 24.

Despite the merger’s potential to unlock growth in the EV logistics sector, Workhorse’s financial health remains precarious. The company reported a net loss of $7.8 million in Q3 2025, with operating and net margins at -558.76% and -606.7%, respectively. Its $54 million debt burden and $31.9 million negative free cash flow over the past year underscore the urgency of the deal to stabilize operations.

A hypothetical 30-day pre-market momentum strategy, triggered by a 15% surge in volume and price, aligns with Workhorse’s recent performance. Historical data suggests that such spikes often precede short-term volatility, though outcomes depend on the merger’s approval and broader market sentiment toward EV sector consolidation. This scenario assumes no regulatory hurdles and consistent institutional support, as seen in recent hedge fund activity.