Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 135

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 135
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future. However, we cannot ensure that we will be able to raise additional capital on acceptable terms, or at all. Subject to the foregoing,
we believe our current cash balances coupled with anticipated cash flow from operating activities will be sufficient to meet our working
capital requirements for at least one year from the date of issuance of the accompanying consolidated financial statements.

We
have raised significant funds during the 2024 fiscal year by utilizing the following public and private offerings:

September 2024 Private Offering

On September 19, 2024, we entered
into a Securities Purchase Agreement with an investor pursuant to which we issued and sold 95,000 shares of our common stock at a purchase
price of $4.00 per share. As part of the agreement, we also issued warrants to purchase up to 190,000 shares of common stock at an exercise
price of $4.00 per share, exercisable for a period of five years from the date of issuance. The warrants contain standard adjustment provisions
for stock splits, recapitalizations and reorganizations and include beneficial ownership limitations to prevent the purchaser from exceeding
certain ownership thresholds. We obtained $380,000 in net proceeds from this offering.

Public
Offering

On
September 30, 2022, we filed a shelf registration statement on Form S-3 (File No. 333-267696), which was declared effective by the SEC
on October 13, 2022, containing a base prospectus covering the offering, issuance and sale by us of up to $30,000,000 of our common stock
and prospectus supplement covering the offering, issuance and sale by us of up to $13,000,000 of our common stock that may be issued
and sold under an At The Market Offering Agreement dated as of September 30, 2022. Pursuant to the ATM Agreement, H.C. Wainwright &
Co., LLC is entitled to a commission equal to 3.0% of the gross sales price of the shares of common stock sold. We sold $6,032,789 of shares of common stock pursuant to the ATM Agreement during the fiscal year ended December
31, 2024.

March
2024 Direct Offering and Concurrent Private Offering

On
March 18, 2024, we entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a certain institutional
investor (the “Purchaser”) pursuant to which we sold, in a registered direct offering,