A Workhorse Group Inc (NASDAQ:WKHS) spokesperson told Benzinga that a Friday rumor circulating among traders is not confirmation of approval for its new HorseFly drone product.
What Happened: Shares of Workhorse hit an intraday high of $14.30 Friday morning after investors and traders circulated what they believed to be approval of a drone product.
The document in question was an FAA registry for an unmanned aerial vehicle.
The company's HorseFly delivery drone is just three months into an FAA approval process that "takes 15 months or so," a Workhorse spokesperson told Benzinga.
Related Link: More Postal Service Money Could Revive Workhorse Mail Truck Bid
Why It's Important: The rumor was incorrectly viewed as a positive catalyst for the shares, as it is way too early into the process for approval.
Shares of Workhorse have given up Friday morning's gains and are now trading below Thursday's closing price.
WKHS Price Action: At last check, shares of Workhorse were trading at $13.49, down 0.59% on the day.