Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 10

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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,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 770,026 shares of common stock for $7.40 per share six
months after issuance until five and a half years from the issuance date, subject to beneficial ownership limitations as described in
the warrants. The Company registered the 770,026 shares of common stock underlying the warrants on a Form S-1 (333-278461) which was
declared effective by the SEC on April 8, 2024.

On
May 29, 2024, Worksport sent an inducement letter to a shareholder offering an option to exercise their warrants at a reduced exercise
price of $0.5198 per warrant. In turn for doing so, Worksport offered the shareholder new warrants to purchase up to 1,295,000 warrant
shares with an exercise price of $0.5198. The shares had a term of 5.5 years, with a 6-month required holding period.

On
December 13, 2024, the Company filed a Prospectus Supplement to amend Amendment No. 1 to the prospectus supplement dated as of November
5, 2024, 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 Sales 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.

    8

On
February 27, 2025, Worksport entered into a warrant inducement agreement with a shareholder to exercise 755,558 of their 1,295,000 May
2024 Warrants at price of $5.198 per