Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 13

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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, with a 6-month required holding period prior to exercise.

    9

On
December 13, 2024, the Company filed a prospectus supplement to amend and supplement a prospectus supplement dated as of November 5,
2024, as well as the prospectus supplement dated as of October 13, 2022, and the prospectus dated as of October 13, 2022 to increase
the maximum amount of shares that we are eligible to sell pursuant to the ATM Agreement under General Instruction I.B.6. to $4,962,092
of shares of our common stock not including whatever had been sold prior to this filing date.

On
February 27, 2025, Worksport entered into a warrant inducement agreement with a shareholder to exercise 755,558
of 1,295,000
May 2024 Warrants at a price of $5.198
per share. The remaining unexercised 539,442
warrants are included in share subscription payable. In return, the Company issued 1,424,500
new 2025 Inducement Warrants. Each Inducement Warrant has an exercise price of $6.502,
will become exercisable six months after issuance, and have a 5.5-year
life. Worksport raised approximately $6,731,000
in gross proceeds before fees and expenses, with the funds earmarked for general corporate and working capital purposes.

On
June 13, 2025, Worksport completed the initial closing of its Regulation A offering whereby up to 3,100,000
Units may be sold at an offering price of $3.25
per unit. Each Unit consists of one share of 8%
Series C Convertible Preferred Stock, par value $0.001
per share (the “Series C Preferred Stock”) and one warrant for the right to purchase one (1) share of common stock,
$0.001
par value with an exercise price of $4.50
per share. The qualified Regulation A offering is expected to generate gross proceeds of $10,000,000.
Through September 30, 2025, the Company completed twenty-four tranches and received  proceeds of $6,469,202
(net of issuance costs of $665,905) and recognized share subscriptions
receivable of $458,720 (net of issuance costs of $41,130).

To
date, the Company’s principal sources