Company: WKSP
Filing Date: 2025-11-14
Form Type: S-3
Source: 0001493152-25-023663
Chunk: 10

Company: Worksport Ltd
Filing Date: 2025-11-14
Form: S-3
Chunk 10
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 of shares of common stock from 29,900,000 to 45,000,000 and an increase in the authorized number of shares of preferred stock from 1,000,000 to 10,000,000. We filed the amendment to the Articles of Incorporation on May 19, 2025, effective as of May 19, 2025.

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Reverse Common Stock Split On February 25, 2025, the Board approved a certificate of change to our Articles of Incorporation to effect a reverse stock split of our issued and outstanding common stock (the “Reverse Stock Split”). On March 5, 2025, our Board of Directors determined a final split ratio of 1:10. In addition, the authorized number of shares of common stock were proportionally reduced from 299,000,000 to 29,900,000 shares in connection with the Reverse Stock Split. On March 18, 2025, we effected the Reverse Stock Split at the ratio of 1:10, which immediately proportionally reduced the authorized number of shares of common stock from 299,000,000 to 29,900,000. Pursuant to the laws of the State of Nevada, shareholder approval was not required in order to effect the split as the Board has the authority to effect a reverse stock split without shareholder approval if the number of authorized shares of common stock is proportionally reduced as a result. No fractional shares were issued as a result of the Reverse Stock Split. Each fractional share was automatically rounded up to the next whole share. The Reverse Stock Split was undertaken in order for us to regain compliance with the minimum bid requirement under Nasdaq Listing Rule 5550(a)(2). Recent Offerings Regulation A (Reg A+) Offering Between June 2025 and October 2025, we conducted a Regulation A offering pursuant to an offering statement on Form 1-A (File No. 024-12604) qualified by the SEC on May 7, 2025 pursuant to which we sold and issued an aggregate of 3,074,588 units for $3.25 per unit. Each unit consisted of one share of 8% Series C Convertible Preferred Stock (the “Series C Preferred Stock”) and one warrant to purchase one share of our common stock for $4.50 per share from the date of issuance until the third day of issuance. The gross proceeds of the offering were approximately $10,000,000 before deducting commission, fees and offering expenses