Workhorse Says SEC Has Wrapped Up Probe Into Trading

Workhorse Group says the US Securities and Exchange Commission has concluded its investigation into the electric-vehicle startup and is not recommending any enforcement action at this time.

The Cincinnati, Ohio-based startup announced the conclusion of the probe in a regulatory filing Wednesday, along with the news that it is discontinuing its troubled flagship vehicle ahead of schedule. The company reaffirmed its 2022 guidance range for manufacturing and delivering 25 to 100 vehicles, generating revenue between $5 million and $15 million.

Workhorse’s stock rose 1% Wednesday at 9:55 a.m. in New York trading.

Workhorse first disclosed the probe in late 2021. ...