Workhouse stock gets ignored by the Postal Service of the United States of America that is intended to electrify their aging fleet. Due to this very reason, the shares of Workhouse (NASDAQ: WKHS) have recently taken a huge plunge of almost 50%. The decline took place on 23rd February, Tuesday owing to the announcement of the US Postal Service.
Following the huge expectation of receiving the fleet contract from the US Postal Service, WKHS experienced a massive decline was clearly evident in the stock market performance.
US Postal Service Snubs Workhouse Stock
The US Postal Service finally made the big announcement of who is the winner of their contract of electric vehicle on 24th February, Wednesday. The contract also includes the clause the company selected by them will also be carrying out the electrifying of their fleet in order to match up with the workings of the modern age.
They declared Workhouse as one of their major finalists. On the other hand, the winner of the contract was Oshkosh Defense who successfully managed to steal the deal from Workhouse stock at the very end moment.
According to their press issue, The US Postal Service is planning to release its 10-year plan very soon. This is mainly due to the reason that they want to improve their infrastructure and technology.
The contract will be making major improvements to the fleet of the USPS which is the preliminary step and it will be closely scrutinized. However, due to many delays in the process of deciding the winner, there was an enormous hype and unpredictability regarding the Workhouse stock that had been built in the meantime.
The USPS has also informed that Oshkosh Defence will be completing the production design with the help of a whopping investment of $482 million and will be made for the Delivery Vehicle project that will be Next Generation (NGDV).
