Workhorse Group Inc. WKHS,
said Thursday that it met with representatives of the U.S. Postal Service on March 3 to discuss why the electric vehicle manufacturer missed a next-generation delivery vehicle contract, which was awarded to Oshkosh Corp. OSK,
Workhorse said he could not disclose details about the discussion at this time, but said he intends to share information when allowed. Shares fell 3.4% in premarket trading. The loss of the USPS contract sent Workhorse shares down 47.5% on February 23 to $ 16.46, and shares lost another 9.4% since Wednesday’s close at $ 14.92, the lowest close since June 29, 2020. “Yesterday’s meeting with USPS marked the first step in what we expect to be an extended process of exploring our options and possibly continuing action on our NGDV offer,” said chief executive Duane Hughes. “We will continue to follow the appropriate procedures in a timely manner, as defined by the USPS, and will review other options available to us.” He said legal and corporate consulting firms were retained to identify and pursue his options. Workhorse shares lost 32.4% in the last three months to Wednesday, while Oshkosh shares rose 28.6% and S&P 500 SPX,
gained 3.3%.