Company: WKSP
Filing Date: 2025-02-28
Form Type: 8-K
Source: 0001493152-25-008565
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Company: Worksport Ltd
Filing Date: 2025-02-28
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Merial Definitive Agreement.

On
February 27, 2025, Worksport Ltd., a Nevada corporation (the “ Company”), entered into a common stock warrant exercise inducement
offer letter (the “ Inducement Letter”) with a certain holder (the “ Holder”) of existing warrants to purchase
shares of the Company’s common stock at an exercise price of $0.5198 per share, issued on May 29, 2024 (the “ Existing Warrants”),
pursuant to which the Holder agreed to exercise for cash its Existing Warrants to purchase an aggregate of 12,950,000 shares of the Company’s
common stock at $0.5198 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 14,245,000 shares of the Company’s common stock
(the “ Inducement Warrant Shares”). The Company expects to receive aggregate gross proceeds of approximately $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 payable by the Company.

The
Company engaged Maxim Group LLC (“ Maxim”) to act as its 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.

The
Company expects to use the net proceeds of these transactions for general corporate and working capital purposes. The closing of the
transactions contemplated pursuant to the Inducement Letter is expected to occur on or about March 3, 2025 (the “ Closing Date”),
subject to satisfaction of customary closing conditions.

The
resale of the shares of the Company’s common stock issuable upon exercise of the Existing Warrants are registered pursuant to the
existing registration statement on Form S-1 (File No. 333-280676), declared effective by the Securities and Exchange Commission (the
“ SEC”) on July 12, 2024.

The
Company also agreed to file a registration statement on Form S-3 (or other appropriate form if the Company is not then S-3 eligible)
covering the resale of the Inducement Warrant Shares issuable upon the exercise of the Inducement Warrants (the “ Resale Registration
Statement”), as soon as practicable, and to