Company: WKSP
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022113
Chunk: 50

Company: Worksport Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 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 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, and the warrants have the potential to provide an additional $13,950,000 of additional proceeds if all are converted.
Through September 30, 2025, the Company completed twenty-four tranches and received net proceeds of $6,927,922, including $458,720
of share subscriptions receivable. On October 1, 2025, the Company received the share subscriptions receivable of $458,720.
Subsequent to September 30, the Company completed eight additional tranches and received net proceeds of $2,164,492.

Consolidated
Statement of Cash Flows

Cash
decreased from $4,883,099 at December 31, 2024, to $3,761,690 at September 30, 2025