Autonomous Trucks
As transportation and electrification startups struggle to raise capital, they are increasingly asking shareholders to increase the number of authorized shares. Cash-poor Workhorse Group is asking shareholders to boost its authorized shares to 450,000 from 250,000 in a vote on Aug. 28. In both cases, the electric truck makers have little cash left to scale their businesses and no other obvious moves. Extra shares don’t always helpElectric bus and battery maker Proterra Inc. doubled its shares to 1 billion from 500 million on June 23. Briefly noted:Hedge fund Antara Capital, a big holder of Nikola shares and formerly a big debt holder at Workhorse Group, has boosted its stake in struggling Class 1 delivery van maker Arrival.