Company: WKSP
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001641172-25-001309
Chunk: 51

Company: Worksport Ltd
Filing Date: 2025-03-28
Form: S-1
Chunk 51
---
 only as of the date of each document, and we undertake no obligation to update or
revise these statements.

<div align='center'>MARKET, INDUSTRY AND OTHER DATA</div>

Market data and certain industry data and forecasts
used throughout this prospectus were obtained from sources we believe to be reliable, including market research databases, publicly available
information, reports of governmental agencies and industry publications and surveys. We have relied on certain data from third-party sources,
including internal surveys, industry forecasts and market research, which we believe to be reliable based on our management’s knowledge
of the industry. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily
know what assumptions regarding general economic growth were used in preparing the third-party forecasts we cite. Statements as to our
market position are based on the most currently available data. While we are not aware of any misstatements regarding the industry data
presented in this prospectus and the documents incorporated by reference into this prospectus, our estimates involve risks and uncertainties
and are subject to change based on various factors, including those discussed under the heading “Risk Factors” in this prospectus
and the documents incorporated by reference into this prospectus.

| 26 |

<div align='center'>USE OF PROCEEDS</div>

We will not receive any proceeds from the sale of
the shares underlying the Warrants by the Selling Stockholder. However, we will receive proceeds from the exercise of the Warrants
by the Selling Stockholder to the extent they are exercised for cash. We estimate that the net proceeds that we would receive
from the exercise of the Warrants, assuming all the Warrants are exercised at their respective exercise prices of $4.00 per share for
the PIPE Warrants and $6.502 per share for the Inducement Warrants, will be approximately $9.76 million. We do not know, however, whether
any of the Warrants will be exercised or, if any of the Warrants are exercised, when they will be exercised. It is possible that the
Warrants will expire and never be exercised. There are circumstances under which the Warrants may be exercised on a cashless basis. In
these circumstances, even if the Warrants are exercised, we may not receive any proceeds, or the proceeds that we do receive may be significantly
less than what we might expect. We intend to use the aggregate net proceeds from the exercise of the Warrants for general