Company: WKSP
Filing Date: 2025-04-17
Form Type: PRE 14C
Source: 0001641172-25-005311
Chunk: 4

Company: Worksport Ltd
Filing Date: 2025-04-17
Form: PRE 14C
Chunk 4
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 the other stockholders will not be given an opportunity to vote with respect to the Increase in Authorized Shares. All necessary corporate approvals have been obtained. This Information Statement is furnished solely for the purposes of advising stockholders of the action taken by Written Consent and giving stockholders notice of such actions taken as required by the Exchange Act.

As the Increase in Authorized Shares were taken by Written Consent, there will be no security holders’ meeting and representatives of the principal accountants for the current year and for the most recently completed fiscal year will not have the opportunity to make a statement if they desire to do so and will not be available to respond to appropriate questions from our stockholders.

<div align='center'>APPROVAL OF INCREASE IN AUTHORIZED SHARES</div>

The Amendment to Increase Authorized Shares

On April 17, 2025, our Board and Majority Stockholder approved the Certificate of Amendment which amends our Articles of Incorporation to increase the total number of authorized shares of capital stock from 30,900,000 to 55,000,000, consisting of an increase in the authorized number of shares of Common Stock from 29,900,000 to 45,000,000 and an increase in the number of authorized shares of preferred stock from 1,000,000 to 10,000,000. The text of the proposed Certificate of Amendment is set forth in Appendix A attached hereto.

Purposes of the Increase in Authorized Shares

The Company currently has authorized capital stock of 29,900,000 shares of our Common Stock, with 4,933,053 shares outstanding, and 1,000,000 shares of blank check preferred stock, 100,100 shares of which are designated as Series A Preferred Stock, with 100 shares issued and outstanding, and 100 shares of which are designated as Series B Preferred Stock, with nil shares issued and outstanding.

The Majority Stockholder voted in favor of amending our Articles of Incorporation to increase the authorized shares of our Common Stock to 45,000,000 and increase the authorized shares of our preferred stock to 10,000,000 in order to improve our financial flexibility with respect to our capital structure by having additional shares for future equity financings and acquisitions. The extra shares of authorized our Common Stock and preferred stock would be available for issuance from time to time as determined by the Board for any proper corporate purpose. Such purposes might include, without limitation, issuance in public or private sales for cash as a means of obtaining additional capital for use in