Workhorse Group (WKHS) Announces Withdrawal of USPS Bid Protest
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Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, today announced that it has withdrawn its United States Postal Service (“USPS”) bid protest complaint filed in the United States Court of Federal Claims.
“After attending the recent Advanced Clean Transportation show, we are excited about the multiple business opportunities ahead for last-mile delivery truck and drone system technologies,” said Workhorse CEO Rick Dauch. “These opportunities include several commercial industry markets as well as a broad array of initiatives designed to modernize and electrify government funded and owned vehicle fleets across the country at the federal, state and city level.
“Since I joined the company six weeks ago, we have been conducting a deep and intensive overview of all aspects of our business, including an examination of the history of our USPS bid and subsequent protest filing. The federal government has announced its intention to replace its fleet with electric vehicles, and we believe that the best way for us to work with any governmental agency is through cooperation, not through litigation. By withdrawing our protest, we can also better focus our time and resources on initiatives that we expect will be more productive for our company.”
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