Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 82

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 82
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 2025 Inducement Warrant is exercisable six months after issuance, or August 27, 2025, until five and a half-year anniversary
from the date of issuance. We received proceeds of $6,731,410 before deducting placement agent fees and other offering expenses payable
by the Company upon the exercise of the May 2024 Existing Warrants. If all of the 2025 Inducement Warrants are exercised for cash, we
will receive gross proceeds of approximately $9.3 million. We will file a registration statement
on Form S-1 registering the shares of common stock issuable upon the exercise of the May 2024 Existing Warrants.
The New Warrants can be exercised on a cashless basis if there is not an effective registration statement effective or prospectus available
for the shares of common stock underlying the such warrants. 539,500 hares that are issuable from the exercise of the May 2024 Existing
Warrants are held in abeyance as of March 27, 2025. 

ATM
Offering

On
November 5, 2024, we increased our at-the-market offering program, filing a prospectus supplement to register the sale of an additional
$4,134,000 in shares of our common stock under the sales agreement with H.C. Wainwright & Co.

Offering
to Chief Executive Officer

On
November 19, 2024, our Chief Executive Officer and President, Steven Rossi, entered into a Stock Purchase Agreement, pursuant to which
he acquired 3,334 shares of common stock at a purchase price of $7.50 per share, representing a 44% premium above the then-market price.
The transaction was executed as a private placement, and the shares were issued pursuant to an exemption from registration under Section
4(a)(2) of the Securities Act or Rule 506 of Regulation D. The proceeds from the sale, totaling approximately $25,000, were designated
for working capital and general corporate purposes.

2024
Private Offering

On
September 19, 2024, we entered into a Securities Purchase Agreement with an investor pursuant to which we issued and sold 95,000 shares
of our common stock at a purchase price of $4.00 per share. As part of the agreement, we also issued warrants to purchase up to 190,000
shares of common stock at an exercise price of $4.00 per share, exercisable for