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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
November
16, 2023
Worksport,
LTD
(Exact
Name of Registrant as Specified in its Charter)
Nevada |
|
001-40681 |
|
35-2696895 |
(State
of
incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
2500
N America Dr
West
Seneca, NY 14224
(Address
of principal executive offices)
888-554-8789
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address if changed from last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
|
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
WKSPW |
|
The
Nasdaq Stock Market LLC |
Item
2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On
November 16, 2023, Worksport Ltd. (the “Company”) received notice from Northeast Bank alleging that Worksport New York Operations
Corporation (the “Borrower”), a wholly owned subsidiary of the Company, breached the terms of a loan agreement dated as of
May 4, 2022, by and between the Company and the Borrower (the “Loan Agreement”), relating to a loan in the amount of $5,300,000.
The alleged defaults include (i) a debt service coverage ratio calculation and (ii) the Company’s issuance of securities on November
2, 2023, the offering of which is reported in the Current Report on Form 8-K of the Company filed with the Securities and Exchange Commission
on November 3, 2023.
Pursuant
to the Loan Agreement, in the event of default, among other things, Northeast Bank reserves the right to accelerate all outstanding amounts
due under the loan. If Northeast Bank elects to accelerate all amounts due, then the total accelerated amount is equal to the principal,
accrued interest, interest at default rate (as applicable), and costs and expenses. The Company is currently in active discussions with
Northeast Bank to obtain a waiver for the alleged defaults and will take any other appropriate actions to address this matter.
Item
8.01 Other Items.
On
November 24, 2023, Worksport Ltd. (the “Company”) issued a press release announcing recent achievements regarding the Company.
A copy of the press release is attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
WORKSPORT
LTD. |
|
|
Date:
November 24, 2023 |
By: |
/s/
Steven Rossi |
|
Name: |
Steven
Rossi |
|
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
99.1
Worksport
Ltd. Wishes Employees and Investors a Happy Thanksgiving
West
Seneca, New York, Nov. 24, 2023 — Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) extends
warm Thanksgiving wishes to its dedicated employees, valued investors, and stakeholders. As we gather to express gratitude for the blessings
of the year, Worksport is thankful for the unwavering support and commitment that has propelled the Company to new heights.
Worksport’s
management reflects on the Company’s journey with a sense of pride, recognizing the pivotal role that employees and investors have
played in achieving significant milestones. The Company has consistently demonstrated its dedication to innovation, quality, and customer
satisfaction, as evidenced by its recent achievements highlighted in the following latest press releases:
|
1. |
Worksport
Signs Long Term Agreement with Customer for US Factory Product and Expects US$16,000,000 in Annual Sales, Marking Significant Growth
and Demand at NY Factory, issued on September 19, 2023; |
|
|
|
|
2. |
Worksport
Increases R&D for Terravis Energy Subsidiary’s Heat Pump Project, issued on October 24, 2023; |
|
|
|
|
3. |
Worksport
Announces Pricing of Approximately $4.7 Million Registered Direct Offering & Concurrent Private Placement, issued on October
31, 2023; |
|
|
|
|
4. |
Worksport
Gears Up for Initial Alpha Release of its Pioneering COR Portable Energy Storage System, issued on November 2, 2023; |
|
|
|
|
5. |
Worksport
Reports 2400% Q3 Revenue Growth YoY as the Company Initiates Production, issued on November 15, 2023; and |
|
|
|
|
6. |
Worksport Advances COR Battery Power Generator System
to Test Phase in Anticipation of the Alpha Release, issued on November 20, 2023. |
These
press releases showcase Worksport’s commitment to excellence and its continuous efforts to push the boundaries of innovation in
the automotive accessories industry.
Management
at Worksport is particularly proud of the Company’s current position and looks forward to the exciting future ahead. The recent
successes have created a solid foundation for Worksport’s expansion and growth. With an eye on the future, Worksport’s management
is confident in the Company’s ability to capitalize on emerging opportunities and navigate challenges.
The
management team expresses deep appreciation for the incredible team spirit that has been instrumental in Worksport’s success. The
dedication, hard work and collaborative spirit of the entire Worksport team have fostered an environment of innovation and achievement.
As the Company continues to grow, Worksport is committed to nurturing this positive and dynamic team culture.
As
Worksport moves forward, the Company remains focused on its mission to provide cutting-edge energy solutions and truck bed innovations.
With the support of its employees, investors, and stakeholders, Worksport is poised for continued success and looks forward to achieving
new milestones in the coming year.
Worksport
wishes everyone a joyous and fulfilling Thanksgiving, filled with warmth, gratitude, and the company of loved ones.
For
further information, please visit Worksport’s official website for investors at investors.worksport.com.
About
Worksport
Worksport
Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety
of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean
energy, and automotive industries. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations
with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis
Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
Connect
with Worksport
Please
follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube,
and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well
as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of,
or accept any responsibility for any content on these third party websites other than content published by the Company.
Worksport
strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level
of visibility.
LinkedIn
Facebook
X
(previously Twitter)
Instagram
YouTube
Investors
and others should note that the Company announces material financial information to our investors using our investor relations website,
press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company
also uses the Accounts to announce Company news and other information. The information shared on the Accounts could be deemed to be material
information. As a result, the Company encourages investors, the media, and others to review the information the Company publishes on
the Accounts.
In
order to comply with Regulation FD, the Company does not selectively disclose material non-public information on any Account. If there
is any significant financial information, it is the policy of the Company to release it broadly to the public through a press release
or SEC filing prior to publishing it on one of the Accounts.
For
additional information, please contact:
Steven
Obadiah
Investor
Relations
Worksport
Ltd.
T:
1 (888) 554 8789 E: investors@worksport.com W: www.worksport.com
Forward-Looking
Statements
The
information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view
about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,”
“expect,” “future,” “intend,” “plan,” “project,” or the negative of these
terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Forward-looking statements
are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations,
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy,
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks,
and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products
by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar
products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements
is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at
www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s
actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release.
The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes
no obligation to update them to reflect subsequent events or circumstances.
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Worksport (NASDAQ:WKSP)
過去 株価チャート
から 5 2024 まで 6 2024
Worksport (NASDAQ:WKSP)
過去 株価チャート
から 6 2023 まで 6 2024