Tuesday, December 01, 2020 6:29:20 PM
5:34 pm ET December 1, 2020 (Benzinga) Print
Shares of Workhorse Group (NASDAQ: WKHS) are down in after-hours trading Tuesday on news of a delay for the long-awaited U.S. Postal Service contract.
What Happened: The USPS is delaying its contract decision on the USPS replacement vehicles, according to Trucks.com.
The USPS told Trucks it expects to make a decision in the second fiscal quarter of 2021. This decision has been delayed multiple times already and now puts pressure on Workhorse, one of three finalists for the contact.
“Amid continuing Covid-19 concerns, and in order to provide for capital investment activities and required approvals, the program schedule has been revised and a decision is now planned for quarter 2 of fiscal year 2021,” the USPS said in a statement.
Related Link: Workhorse CFO Steve Schrader On The Status Of The USPS Contract
https://www.trucks.com/2020/12/01/postal-service-delays-mail-truck-replacement-contract-again/
PAINFUL FUKS!!
Why It’s Important: The USPS is set to award a $6 billion contract for 180,000 delivery vehicles. Workhorse Group is one of the finalists along with Turkey-based Krsan and Oshkosh Corporation (NYSE: OSK).
Shares of Workhorse are up over 700% in 2020 and investors could sell the delay news.
WKHS Price Action: Shares of Workhorse fell 14% to $21.75 in after-hours trading.
Recent WKHS News
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- Form 8-K - Current report • Edgar (US Regulatory) • 09/09/2024 12:30:18 PM
- FedEx Places First Order for 15 Workhorse W56 Step Vans to Grow Zero-Tailpipe Emission Fleet • GlobeNewswire Inc. • 09/09/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/23/2024 11:01:09 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 08/23/2024 11:00:17 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/20/2024 01:00:07 PM
- Workhorse Group Reports Second Quarter 2024 Results • GlobeNewswire Inc. • 08/20/2024 01:00:00 PM
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