Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 81

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 81
---
Overview

Worksport
Ltd., through its subsidiaries, designs, develops, and manufactures innovative products for various markets including automotive accessories,
consumer electronics, and both residential and commercial HVAC system markets. Worksport is able to monetize and protect its products
through a large and growing intellectual property (“IP”) portfolio with patents and trademarks relating to, among other things,
tonneau covers, solar integrated tonneau covers, portable power stations, NP (non-parasitic) hydrogen-based green energy systems, residential
heating and cooling systems (heat pumps), and electric vehicle-charging stations. Worksport seeks to provide consumers with next-generation
automotive accessories through the production of our innovative line of tonneau covers for light trucks while capitalizing on growing
consumer interest in clean energy solutions and power grid independence through the launch of its forthcoming solar tonneau cover (Worksport
SOLIS) and mobile battery generator system (Worksport COR). Worksport’s subsidiary, Terravis Energy, is poised to revolutionize
the local and global markets for efficient home and commercial heat pumps through its groundbreaking Aetherlux Heat Pump.

Corporate
History

The
Company’s corporate history and business overview are described in detail in our most recent registration statement on Form S-1,
filed with the SEC on July 3, 2024, which is incorporated herein by reference. Since that filing, the Company has undertaken certain
material developments, as described below.

Recent
Offerings

February
2025 Inducement Letter; New Warrants

On
February 27, 2025, we entered into a common stock warrant exercise inducement offer letter (the “2025 Inducement Letter”)
with a certain holder (the “Holder”) of existing warrants to purchase shares of our common stock at an exercise price of
$5.198 per share, issued on May 29, 2024 (the “May 2024 Existing Warrants”), pursuant to which the Holder agreed to exercise
for cash its May 2024 Existing Warrants to purchase an aggregate of 1,295,000 shares of our common stock at $5.198 per share, in consideration
for our agreement to issue new warrants (the “2025 Inducement Warrants”), to purchase an aggregate of 1,424,500 shares of
our common stock at an exercise price of $6.502 per share, subject to adjustment for stock
splits, recapitalizations and reorganizations and beneficial ownership limitations as described therein.
Each