Company: WKSP
Filing Date: 2025-11-14
Form Type: S-3
Source: 0001493152-25-023663
Chunk: 14

Company: Worksport Ltd
Filing Date: 2025-11-14
Form: S-3
Chunk 14
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, Hungary, Czech Republic, Estonia, Latvia, Slovakia, Bulgaria, Vietnam, Thailand, Poland, Finland, Italy, and Lithuania. We are actively reducing our reliance on countries with potential geopolitical risks.

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Research and Development We continually invest in research and development, acquiring new assets and developing unique tonneau cover designs and sustainable materials. Our recently announced partnership with KULR Group aims to develop technology that may be used in future generations of the COR. Our subsidiary, TerraVis Energy, Inc., is researching and developing green energy solutions, such as heat pump technologies, for homes and communities. Going Concern Our independent registered public accounting firm’s report on our audited financial statements for the year ended December 31, 2024, included an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern due to our historical losses, accumulated deficit, and limited revenues. As of September 30, 2025, we had approximately $3.8 million in cash and cash equivalents (compared to $4.9 million at December 31, 2024) and an accumulated deficit of approximately $77.6 million (compared to $64.5 million as of December 31, 2024). In October 2025, we completed a $10.0 million Regulation A offering that strengthened our balance sheet and alleviated near-term liquidity concerns. However, until a future audit report is issued without such qualification, investors should continue to consider our historical liquidity risks, our reliance on external financing, and the potential adverse effects if we are unable to obtain sufficient funding on acceptable terms. See “ Risk Factors— Our independent registered public accounting firm’s report contains an explanatory paragraph expressing substantial doubt about our ability to continue as a ‘going concern’.” Summary of Risk Factors Below is a summary of the numerous risks and uncertainties that you should consider before investing in our Company. Readers are encouraged to read the risk described under the “ Risk Factors” section starting on page 7 of this Prospectus as well as our other filings made with the SEC.

| ● | Our auditors previously expressed substantial doubt about our                                                                             
 ability to continue as a going concern. Although we raised approximately $10.0 million in October 2025, we continue to face liquidity     
 risks and depend on future financing and improved operating cash flows.                                                                   |
| ● | We will require additional financing to fund operations, working capital and                                                              
 growth initiatives; such financing may not be available on acceptable terms and, if in equity or equity-linked form,