Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 97

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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 for them exercising warrants that were
                                            issued to them in May 2024 (the “May 2024 Existing Warrants”) at an exercise
                                            price of $5.198 per share. Each Inducement Warrant has an exercise price of $6.502 and is
                                            exercisable six months after issuance, or August 27, 2025, until the five and a half-year
                                            anniversary from the date of issuance. We received proceeds of $6,731,410 before deducting
                                            placement agent fees and other offering expenses payable by us upon the exercise of the May
                                            2024 Existing Warrants

 ●In
                                            February 2025, the Company issued 1,000 restricted shares with a value of $82,100 to an investor
                                            relations consultant.

 ●In
                                            March 2025, we issued 10,000 stock options to a director with an exercise price of $5.95
                                            and an expiration date of March 27, 2035.

(b)
Use of Proceeds

Not
applicable.

(c)
Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item
3. Defaults Upon Senior Securities

None.

Item
4. Mine Safety Disclosures

Not
applicable.

Item
5. Other Information

Securities Trading Plans

During the three
months ended March 31, 2025, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or
terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative
defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section
408(c) of Regulation S-K).

Subsequent
Events

●On
                                            April 1, 2025, the Company signed a lease agreement for 12,500 square feet of office space
                                            to be used as an R&D facility pursuant to a three-year lease effective May 1, 2025, for
                                            an average monthly rent of $9,659.

24

Item
6. Exhibits

    EXHIBIT

    No.
     
    DESCRIPTION

    3.1
     
    Certificate of Change to the Articles of Incorporation, filed on March 14,