Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 85

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 85
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 to register the shares underlying the warrants on a registration statement on Form
S-3 (or other applicable form). If at the time, there is no effective registration statement available for the shares of common stock
underlying the warrants, the warrants may be exercised via a “cashless exercise.” We will not receive any proceeds from any
warrants exercised by a “cashless exercise.”

March
2024 S-3 Shelf Bringdown

On
March 20, 2024, we received net proceeds of approximately $2.63 million through a registered direct offering pursuant to which the Company
issued 237,224 shares of common stock and 147,790 Pre-Funded Warrants to the same institutional investor as in the Company’s registered
direct offering on November 2, 2023. Concurrently with the registered direct offering, we issued the institutional investor 770,027 warrants
in a private sale. The warrants are exercisable for 770,027 shares of common stock for $7.40 per share six months after issuance until
five and a half years from the issuance date, subject to beneficial ownership limitations as described in the warrants. We. registered
the 770,027 shares of common stock underlying the warrants on a Form S-1 (333-278461) which was declared effective by the SEC on April
8, 2024.

November
2023 S-3 Shelf Bringdown

On
November 2, 2023, we received net proceeds of approximately $4.26 million through a registered direct offering pursuant to which we issued
192,500 shares of common stock and 157,500 Pre-Funded Warrants to an institutional investor. Concurrently with the registered direct
offering, we issued the same institutional investor 700,000 warrants in a private sale. The warrants are exercisable for 700,000 shares
of common stock for $13.40 per share six months after issuance and until five and a half years from the issuance date, subject to beneficial
ownership limitations as described in the warrants. The Company registered the 700,000 shares of common stock underlying the warrants
on a Form S-1 (333-276241) which was declared effective by the SEC on December 29, 2023.

Revolving
Financing and Assignment Agreement

On July 19, 2024, the Company,
through its wholly-owned subsidiaries, Worksport New York Operations Corporation and Worksport USA Operations Corporation entered into
a Revolving Financing and