Workhorse Shares Plunge Ahead of Critical Shareholder Vote

The stock of electric vehicle manufacturer Workhorse Group is experiencing a severe downturn at a pivotal moment, with the company's annual general meeting scheduled for November 12th. Trading on Thursday saw the shares decline by 4.72 percent to $0.84, marking the fourth consecutive session of losses. Over the past ten trading days, the equity has collapsed by a substantial 24.09 percent.

Company leadership is intensifying pressure on shareholders, urgently appealing for approval of all proposals, with a particular emphasis on the planned merger with Motiv Electric Trucks. The firm has issued a clear warning: if the transaction fails due to insufficient votes, the continuation of independent operations could lead to severe liquidity challenges. In a potential restructuring scenario, shareholder equity might retain minimal or even zero value.

This dire outlook is supported by recommendations from the independent advisory firms ISS and Glass Lewis, who are urging a vote in favor of the merger. They highlight the complementary business areas of the two companies and forecast cost synergies of at least $20 million by the end of 2026.

Technical Indicators Flash Red

A review of the technical landscape presents a concerning picture for Workhorse:

Should investors sell immediately? Or is it worth buying Workhorse?

• Sustained Downtrend: Both short-term and long-term moving averages are signaling continued negative momentum.
• Heightened Volatility: The stock exhibits a daily average volatility of 7.56 percent, coupled with a high beta of 4.2.
• Lack of Support: Analysis shows no significant volume-based support levels below the current trading price.

During Thursday's session, the stock traded between $0.83 and $0.89, representing a daily trading range of 7.20 percent. Trading volume also decreased by 133,000 shares to a total of 715,000 shares.

A Glimmer of Hope: Upcoming Earnings and Product Developments

All eyes are now on the quarterly report scheduled for Tuesday, November 11th, to see if it can catalyze a reversal of fortune. The financial results for the third quarter of 2025 will be released ahead of a scheduled conference call. In a recent operational update on November 3rd, Workhorse announced an expansion of its W56 platform with an industry-standard Utilimaster body, aimed at enhancing fleet standardization for commercial electric vehicles.

The upcoming week represents a critical test for the company. The sequence of events—quarterly earnings immediately followed by the decisive shareholder meeting—will determine whether the persistent downward trend is poised for a reversal or a final capitulation.