Motiv and Workhorse to merge before end of year

Two American companies – Motiv Power Systems Inc of Foster City, California and Workhorse Group Inc of Cincinnati, Ohio – have signed a definitive agreement to merge their businesses, with the intent of creating a “leading” North American manufacturer of medium-duty electric vehicles. Following the completion of an all-stock transaction towards the end of this year, Motiv will be merged with a subsidiary of Workhorse in exchange for newly-issued shares of Workhorse common stock.