Shares of Workhorse Group Inc. WKHS rallied 2.7% in premarket trading Wednesday, after the electric vehicle maker said the Securities and Exchange Commission has concluded its investigation opened more than a year ago, and does not plan to recommend any enforcement action. The company also said it has scrapped its model C1000 program, effective immediately. The SEC had opened an investigation in September 2021, after the company said it had booked a loss after selling some of its investments in Lordstown Motors Corp. RIDE Regarding the C1000, the company said after an engineering review and durability tests, it was determined the increasing time, cost and resources being devoted to the C1000 would be better allocated elsewhere. Separately, the company affirmed its 2022 guidance ranges for manufacturing and delivering 25 to 100 vehicles and for revenue of between $5 million and $15 million. Workhorse’s stock has tumbled 49.1% over the past three months, to close Tuesday at the lowest price since March 2020, while the S&P 500 SPX has gained 3.0%.
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