Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 58

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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.001 and $7.40, respectively, per
share. The Company received net proceeds of $1,093,492 associated with the sale of the pre-funded warrants. The pre-funded warrants are
immediately exercisable until all of the pre-funded warrants are exercised. During the same period, 147,789 pre-funded warrants were
exercised for 147,789 shares of common stock for $150.

During
the year ended December 31, 2024, the Company closed a sale of 95,000 shares of common stock. In connection with the sale of common stock
the Company issued 190,000 warrants. The warrants have an exercise price of $4.00 and an expiration date of September 21, 2029.

During
the year ended December 31, 2024, 13,091 warrants issued on August 3, 2021, and 344,652 warrants issued on August 6, 2021, all of which
having an exercise price of $60.50, expired.

During
the year ended December 31, 2023, in connection with the sale of 192,500 shares of common stock the Company also sold 157,500 pre-funded
warrants and 700,000 warrants convertible for 857,500 shares of common stock at an exercise price of $0.001 and $13.40, respectively.
The Company received net proceeds of $2,110,342 associated with the sale of the pre-funded warrants. During the same period, 88,700 pre-funded
warrants were exercised for 88,700 shares of common stock for $89. During the year ended December 31, 2024, the remaining 68,800 pre-funded
warrants were exercised for 68,800 shares of common stock for $69.

On
May 9, 2024, the Company entered into a warrant inducement agreement (the “Inducement”) with the holder of existing warrants
to purchase an aggregate 700,000 shares at a reduced exercise price of $5.198 in consideration for the Company to issue new warrants
to purchase up to 1,295,000 additional shares of common stock – resulting in gross proceeds of approximately $3,638,000 received
by the Company. As a result of the Inducement and subsequent exercise, the Company determined the incremental fair value provided to
the holder from both the adjustment in exercise price of the existing warrants and the