Workhorse Stock – Workhorse Hasn’t Challenged USPS Contract Award to Oshkosh
hasn’t challenged its failure to obtain a USPS contract and may be running out of time to do so, according to sources familiar with the matter.
Workhorse (ticker: WKHS) and Oshkosh were among the bidders to replace the Postal Service’s white, right-hand drive delivery vans.
Oshkosh won the bid in late February, disappointing Workhorse investors who believed Workhorse had an edge by virtue of being the only all-electric offering. A portion of the Oshkosh vehicles will be electric or hybrid.
Workhorse representatives met with the Post office in early March to get additional details about the contract award. Management said at the time the meeting was the first step in a prolonged process that might result in “further action.”
No formal protest has been filed according to people familiar with the matter. Workhorse declined to comment.
Any stock reaction might be muted by the fact Workhorse shares are under $10. They traded down to about $15 shortly after the contract loss.
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