WABASH NATIONAL Corp

Current report

Unfairly traded imports of van-type trailers and subassemblies and the ineffective implementation or enforcement of available trade remedies could have a material adverse effect on our business, financial condition, cash flows and results of operations.

Current report

In November 2025, the American Trailer Manufacturers Coalition, a coalition of U.S. van trailer producers that includes Wabash, filed petitions with the U.S. Department of Commerce (“Commerce”) and the U.S. International Trade Commission (“ITC”) concerning imports of certain van-type trailers and subassemblies from China, Canada and Mexico that were allegedly being sold in the United States at less than fair value or subsidized by foreign governments. Imports subject to these proceedings have adversely affected, and may continue to adversely affect, the U.S. trailer industry, including domestic production, shipments, financial performance and employment.

Current report

In February 2026, the ITC preliminarily determined that there was a reasonable indication that the U.S. industry was materially injured by reason of the subject imports from China, Canada and Mexico.

Current report

With respect to China, in August 2026, Commerce made final affirmative antidumping and countervailing duty determinations concerning imports of van-type trailers and subassemblies. On September 25, 2026, the ITC made final affirmative determinations that the U.S. industry was materially injured by reason of such imports from China. As a result of these affirmative determinations, Commerce has issued antidumping and countervailing duty orders covering the subject imports from China.

Current report

The investigations concerning imports from Canada and Mexico remain pending. Final Commerce determinations concerning Canada and Mexico are expected in December 2026, with final ITC determinations and any resulting orders expected in early 2027.

Current report

The failure or inability of U.S. trade officials to implement or effectively enforce antidumping and countervailing duty orders, or the modification, revocation, circumvention or avoidance of such orders, could permit unfairly traded imports to continue entering the United States and could have a material adverse effect on our business, financial condition, cash flows and results of operations.

Previous report

Unfairly traded imports of dry vans and refrigerated trailers could injure or threaten with injury America’s domestic dry van and refrigerated trailer industry, which could have a material adverse effect on our business, financial condition, cash flows and results of operations.

Previous report

In November 2025, the American Trailer Manufacturers Coalition (a coalition of U.S. van trailer producers including Wabash), filed petitions with the U.S. Department of Commerce (the “DOC”) and U.S. International Trade Commission (“ITC”) in response to imports of dumped and subsidized van trailer products entering the United States from China, Canada, and Mexico. Such imports have had, and may continue to have, a material impact on U.S. trailer production, including declines in production, shipments, performance, and employment. On February 6, 2026, the ITC found that there is a reasonable indication that the U.S. dry vans and refrigerated trailers industry is materially injured due to the imports. As a result, the DOC has calculated a range of affirmative preliminary countervailing duties and affirmative preliminary antidumping duties, with additional determinations on anti-dumping to follow. The ITC is expected to make a final determination during the third quarter of 2026 on whether the U.S. dry vans and refrigerated trailers industry is materially injured due to the imports. A failure by, or the inability of, U.S. trade officials to implement or enforce antidumping and countervailing duties in response to the injurious effects of unfairly traded trailer products could have a material adverse effect on our business, financial condition, cash flows and results of operations.

Previous report

If availability under the Revolving Credit Agreement is less than the greater of (i) 10% of the Line Cap and (ii) $25 million for three consecutive business days, if there exists an event of default, amounts in any of the Borrowers’ and the Guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the facility.

Previous report

The contemplated amendment to the Revolving Credit Agreement may not be consummated, or may be consummated on terms that are less favorable to us.

Previous report

We have received commitments from Wells Fargo Capital Finance, LLC, PNC Bank, National Association, JPMorgan Chase Bank, N.A., and Morgan Stanley Senior Funding, Inc. to amend and extend $300 million of the Revolving Credit Agreement (the “Revolving Credit Agreement Amendment”). The closing of the Revolving Credit Agreement Amendment is subject to market and other conditions, and there can be no assurance that the closing of the Revolving Credit Agreement Amendment will occur on the terms described herein, or at all. If we are able to enter into the Revolving Credit Agreement Amendment, the terms of the amendment may contain terms and covenants that restrict our financial and operating flexibility. If we are unable to enter into the Revolving Credit Agreement Amendment prior to the maturity of our Revolving Credit Agreement, we may need to refinance our Revolving Credit Agreement and may not be able to do so on favorable terms or at all. Our inability to enter into the Revolving Credit Agreement Amendment or to otherwise refinance our Revolving Credit Agreement on commercially reasonable terms or at all could have a material adverse effect on our business, financial condition, cash flows and results of operations and could impair our ability to satisfy our obligations under the notes.