Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 505

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 505
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 public offering,
and exercises of warrants, raised an aggregate of approximately $32,500,000. On September 30, 2022, the Company filed a shelf registration
statement on Form S-3, which was declared effective by the SEC on October 13, 2022, allowing the Company to issue up to $30,000,000 of
common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued
and sold under an At The Market Offering Agreement dated September 30, 2022  (“ATM Agreement”), with H.C. Wainwright
& Co., LLC, as the sales agent (“HCW”). Pursuant to the ATM Agreement, HCW is entitled to a commission equal to 3.0%
of the gross sales price of the shares of common stock sold. Through December 31, 2024, the Company has sold and issued 761,408 shares
of common stock in consideration for net proceeds of $6,247,097 under the ATM Agreement.

On
November 2, 2023, the Company consummated a registered direct offering pursuant to which the Company issued 192,500 shares of common
stock and 157,500 pre-funded warrants to an institutional investor for a total net proceeds of $4,261,542. Concurrently with the registered
direct offering, the Company issued the same institutional investor 700,000 warrants in a private sale. The warrants are exercisable
for 700,000 shares of common stock for $13.40 per share six months after issuance and until five and a half years from the issuance date,
subject to beneficial ownership limitations as described in the warrants. The Company registered the 700,000 shares of common stock underlying
the warrants on a Form S-1 (333-276241) which was declared effective by the SEC on December 29, 2023.

On
March 20, 2024, the Company consummated a registered direct offering pursuant to which the Company issued 237,224 shares of common stock
and 147,789 pre-funded warrants to the same institutional investor as in the Company’s registered direct offering on November 2,
2023, for a total net proceeds of $2,629,083. Concurrently with the registered direct offering, the Company issued the institutional
investor 770,026 warrants in a private sale. The warrants are exercisable for