Company: WKSP
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001641172-25-001309
Chunk: 13

Company: Worksport Ltd
Filing Date: 2025-03-28
Form: S-1
Chunk 13
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 shares of Common Stock (the “Warrant
Exercise and Inducement Transaction”). On May 31, 2024, the Selling Stockholder exercised the Existing Warrants and in consideration
for such exercise we issued the Inducement Warrant to the Selling Stockholder. The Inducement Warrant has an exercise price of
$0.5198 per share and is exercisable for five and a half years from the date of issuance.

Maxim Group LLC (“Maxim”)
acted as the exclusive warrant solicitation agent and financial advisor in connection with the Warrant Exercise and Inducement Transaction,
and we partially paid Maxim a cash fee of 7.0% of the gross proceeds received from the exercise of the Existing Warrants, or $254,702,
with the remaining balance payable to Maxim.

We have used and will use the net proceeds
from the exercise of the Existing Warrants and the Inducement Warrants for general corporate purposes, including working capital.

March 2024 Direct Offering and Concurrent Private Offering

On March 18, 2024, we entered into a securities purchase agreement (the “2024 Securities Purchase Agreement”) with a certain institutional investor (the “2024 Purchaser”) pursuant to which we sold, in a registered direct offering, an aggregate of (i) 237,224 shares (the “2024 Shares”) of common stock and (ii) 147,790 Pre-Funded Warrants (the “2024 Pre-Funded Warrants”) to purchase up to 147,790 shares of common stock (the “2024 Pre-Funded Warrant Shares”). The offering price per 2024 Share was $7.40, and the offering price per 2024 Pre-Funded Warrant was $7.399.

The 2024 Shares, the 2024 Pre-Funded Warrants and the 2024 Pre-Funded Warrants Shares were offered pursuant to our Form S-3 Registration Statement (File No. 333-267696) (the “Form S-3”) as supplemented by a prospectus supplement and accompanying base prospectus dated March 18, 2024, filed with the SEC on March 19, 2024 pursuant to Rule 424(b)(5) promulgated under the Securities Act. The registered direct offering closed on March 20, 2024.

We received net proceeds of approximately $2.59 million from the offering, after deducting the estimated offering expenses payable by us, including the tail fees