Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 97

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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 pursuant to which the Holder agreed to exercise for cash its
Existing Warrants to purchase an aggregate of 1,295,000 shares of the Company’s common stock at $5.198 per share, in consideration
for the Company’s agreement to issue new warrants (the “Inducement Warrants”) having terms as described below, to purchase
up to 1,424,500 shares of the Company’s common stock (the “Inducement Warrant Shares”). We received aggregate gross
proceeds of $6,731,410 from the exercise of the Existing Warrants by the Holder and the sale of the Inducement Warrants,
before deducting placement agent fees and other offering expenses of $346,570. We engaged Maxim Group LLC (“Maxim”) to
act as our exclusive financial advisor in connection with the transactions summarized above and will pay Maxim a cash fee from the gross
proceeds received from the exercise of the Existing Warrants. Each Inducement Warrant has an exercise price equal to $6.502 per share.
The Inducement Warrants are exercisable at any time on or after the date that is six (6) months from the issuance date and will have
a term of exercise of five and one half (5½) years following the date of issuance. The exercise price and number of shares of
common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, subsequent rights
offerings, pro rate distributions, reorganizations, a Fundamental Transaction (as defined in the Inducement Warrants) or similar events
affecting our common stock and the exercise price.

ATM
Shares

Pursuant
to the ATM Agreement, with H.C. Wainwright & Co.,
LLC, as the sales agent, during the nine month period ended September 30, 2025, we sold and issued a total of 110,619 shares of common stock
in consideration for net proceeds of $504,372 under the ATM Agreement.

Regulation
A Offering

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