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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): December
05, 2024
WORKSPORT
LTD.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
001-40681 |
|
35-2696895 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
2500
N America Dr
West
Seneca, New
York 14224
(Address
of principal executive offices) (ZIP Code)
(888)
554-8789
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address, if changed since 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:
| ☐ |
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
Symbols |
|
Name
of each exchange on which registered |
| Common |
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
December 05, 2024, Worksport Ltd. (the “Company”) issued a press release: “Worksport (WKSP) To Adopt Cryptocurrency,
Bitcoin and XRP for Corporate Treasury”. A copy of the press release is attached hereto as Exhibit 99.1.
The
information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section,
or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in any such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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:
December 05, 2024 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
99.1
Worksport
(WKSP) To Adopt Cryptocurrency, Bitcoin and XRP for Corporate Treasury
Company
to Convert Interest Earnings to Cryptocurrency, Allocate Up to 10% of Excess Operational Cash, and Enable Crypto Transactions on Worksport.com
West
Seneca, New York, December 5, 2024 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”),
a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods
sectors, today announced a significant advancement in its corporate treasury strategy by taking initial steps to adopt the cryptocurrencies
BTC (Bitcoin) and XRP (Ripple). Under the initial resolution of this strategy, the Worksport Board of Directors
has approved the purchase of up to $5 million in Bitcoin and XRP, limited to a maximum of 10% of excess operational cash.
This strategic move is intended to enhance transaction efficiency and underscores the Company’s long-term belief in cryptocurrency
as a store of value and a hedge against inflation, aligning with the growing global acceptance and institutional adoption.
Worksport’s
top line revenues continue to significantly expand. Worksport will update investors on holiday sales trends in the coming days.
The Company is also preparing to release its innovative portable power system and solar truck cover, propelling
it toward the future of mobile energy.
Key
Components of Worksport’s BTC (Bitcoin) / XRP (Ripple) Strategy:
| |
1. |
Allocation
of Excess Operational Cash: The Company will commit up to 10% of any excess cash from operations to purchase BTC (Bitcoin)
and XRP (Ripple). |
| |
|
|
| |
2. |
Crypto-Enabled
Ecommerce: Worksport will accept cryptocurrency payments on its e-ecommerce platform, www.worksport.com, enhancing customer
convenience and expanding its payment options. Cryptocurrency transactions are expected to cost the Company up to 37% less
in transaction processing fees. |
| |
|
|
| |
3. |
Interest
Earnings Conversion: Worksport may convert interest earnings from cash held in money market accounts into Bitcoin and XRP. |
| |
|
|
| |
4. |
Future
Capital Raises: A designated percentage of funds raised in future capital initiatives may be allocated to long-term holdings
of Bitcoin and XRP, reinforcing the Company’s commitment to these digital assets. |
“Our
upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational
efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong
strategic complement” said Steven Rossi, Chief Executive Officer of Worksport Ltd. The total allocation for cryptocurrency
investments will be up to a maximum of $5 million, which may be adjusted through future board resolutions. Worksport will strategically
size its holdings based on prevailing market conditions to optimize asset performance.
Strategic
Vision for 2025 and Beyond
Worksport’s
cryptocurrency initiatives are part of a broader strategy to innovate across all facets of its business. From American production of
high-quality, highly demanded automotive accessories to developing clean energy products like the SOLIS solar tonneau cover and
COR portable energy system, and leveraging blockchain technology, Worksport is creating a diversified ecosystem designed for exponential
growth.
Benefits
of Accepting Crypto Payments
| ● | Cost
Efficiency Through Bitcoin and XRP Integration |
| | | |
| | | By
strategically allocating resources to Bitcoin and XRP and embracing cryptocurrency payments,
Worksport positions itself at the forefront of financial innovation. Crypto transactions
are anticipated to cost up to 37% less, enhancing operational efficiency, aligning
with global trends toward digital asset adoption and delivering increased value to shareholders
and customers alike. |
| ● | Capitalizing
on Pro-Crypto Momentum |
| | | |
| | | The
global shift toward pro-cryptocurrency policies and the increasing likelihood of Bitcoin
exchange traded fund approvals have heightened the appeal of digital assets. These developments
bolster Bitcoin’s reputation as an inflation-resistant store of value, making it an
attractive asset for corporate treasuries. Bitcoin, often dubbed “digital gold,”
has evolved into a globally recognized store of value, offering unparalleled transparency,
liquidity, and decentralization. XRP, with its fast and low-cost cross-border transaction
capabilities, complements Bitcoin in reshaping the financial ecosystem |
CEO
Commentary
Rossi
adds: “As Bitcoin and XRP continue to gain investor attention and acceptance as major asset classes, we believe they may serve
as strong treasury reserve assets. Their inflation-resistant characteristics make them increasingly reliable stores of value.
By strategically allocating a portion of our treasury to these digital assets and accepting crypto payments, we’re enhancing our
financial strategy and aligning ourselves with the future of global finance. With our core business growing rapidly and new products
launching soon, diversifying our treasury complements our strong projected growth. We believe this move will strengthen our balance
sheet and provide long-term value to our shareholders.”
Worksport
Q3 Earnings Call: Third quarter revenue surged to $3.12 million—a 581% year-over-year increase compared to $458,433
in Q3 2023. Worksport held its Q3 2024 earnings call on Wednesday, November 13, 2024. The prepared remarks and presented earnings call
deck are available at Worksport’s Investor Relations website.
Key
2024 Press-Releases:
| |
● |
November
22: Worksport Announces 30% Increase in Production Capacity |
| |
● |
November
21: CEO Insider Purchase; Worksport Investigates Short Selling |
| |
● |
October
29: 200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4 |
| |
● |
October
17: Nasdaq Grants Extension To Regain Compliance |
| |
● |
October
17: $2MM+ Projected Savings From New Strategic Initiative |
| |
● |
September
30: Update On ISO Certification |
| |
● |
September
19: Alpha Launch of SOLIS & COR |
| |
● |
September
11: Worksport COR as an EV Range Extender for Tesla Model 3 |
| |
● |
August
14: Record High Revenues; 275% Q2 Growth |
| |
● |
May
8: Worksport Awarded $2.8MM Grant |
Read
all Worksport press releases: [Link to All Press Releases].
About
Worksport
Worksport
Ltd. (Nasdaq: WKSP), 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 has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding
cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers
including the EV sector. 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.
| Product
social media |
Investor
social media |
| Instagram |
X
(formerly Twitter) |
Facebook
YouTube |
LinkedIn
Link
to Newsletter |
Investors
and others should note that the Company announces material financial information to our investors using our investor relations website,
press releases, SEC filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and
other information. The Company encourages investors, the media, and others to review the information the Company publishes on social
media.
The
Company does not selectively disclose material non-public information on social media. If there is any significant financial information,
the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For
additional information, please contact:
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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,”, “envisioned”,
“should,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking
statements. These 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.
Worksport
acknowledges the inherent risks of investing in cryptocurrency, including market volatility and regulatory uncertainties, and is committed
to managing these risks through oversight and diversification strategies. The decision to pursue this investment has been reviewed and
approved by the Board of Directors of Worksport and complies with the Company’s corporate governance policies.
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Worksport (NASDAQ:WKSP)
過去 株価チャート
から 11 2024 まで 12 2024
Worksport (NASDAQ:WKSP)
過去 株価チャート
から 12 2023 まで 12 2024
