Why Workhorse Group Stock Is Up Sharply Today
Shares of electric-van maker Workhorse Group (NASDAQ: WKHS) were rising on Monday, after a Wall Street analyst speculated that a deal could be in the works for electric-pickup start-up Lordstown Motors, in which Workhorse owns a stake.
As of 2 p.m. EDT, Workhorse's shares were up about 10.8% from Friday's closing price.
In a note on Monday morning, Roth Capital analyst Craig Irwin wrote that he sees a "rising probability" that a special purpose acquisition company, or SPAC, could take over Lordstown Motors in a deal similar to the one that effectively took electric big-rig maker Nikola (NASDAQ: NKLA) public in early June.
Source Fool.com
