Workhorse demos SureFly, rebrands and closes public offering

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Workhorse Group has roped off a small section of New York city’s Flatiron Plazato show off its SureFly VTOL and has unveiled its new branding.

The company expects the SureFly VTOL to be in customers hands in two years. The hybrid-electric VTOL has finished its test flights in Cincinnati and took its first untethered flight in May. Workhorse expects the aircraft to retail for around $200,000 upon release.

Alongside the New York demo, Workhorse has rebranded as part of its new “work ahead” marketing push and has adopted a new logo.

Steve Burns, CEO of Workhorse said: "We are at a watershed moment as the worlds of alternative energy and transportation become further intertwined. As more brands enter the space, having a strong marketing platform that lets workers know that Workhorse is a brand they can get behind, because we get behind them, is more important than ever."

Off the back of this, Workhorse also closed its underwritten public offering of nine million common shares valued at $10.35 million. It has also granted the underwriter a 45-day over-allotment period to purchase $1.35 million additional shares.

The offering was filed with the US SEC on 9 August 2018. The National Securities Corporation, which is a wholly owned subsidiary of the National Holdings Corporation acted as the sole book running manager on the offering.

Workhorse will use the net proceeds of the offering for inventory, working capital and general corporate purposes.