Company: WKSP
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001641172-25-001309
Chunk: 32

Company: Worksport Ltd
Filing Date: 2025-03-28
Form: S-1
Chunk 32
---
based on our Common Stock)
that is less than $700 million, annual revenues of $100 million or more during the most recently completed fiscal year.

We may choose to take advantage of some, but not all,
of these exemptions. We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained
herein may be different from the information you receive from other public companies in which you hold stock.

Implications of Being a Controlled Company

Our Chief Executive Officer and Chairman of the board
of directors, Steve Rossi, owns 100% of our outstanding Series A Preferred Stock, entitling him to 51% of the total voting power of our
outstanding voting equity, effectively renders Worksport Ltd. a “controlled company” within Nasdaq’s regulatory framework.
According to the Nasdaq Marketplace Rules, a “controlled company” is defined as a company in which more than 50% of the voting
power for the election of directors is held by an individual, a group, or another company.

The Nasdaq Marketplace Rules provide controlled companies
with exemptions from certain corporate governance requirements, including the requirements (i) that a majority of the Board consist of
independent directors, (ii) to have a governance committee that is composed entirely of independent directors with a written charter addressing
the committee’s purpose and responsibilities, (iii) to have a compensation committee that is composed entirely of independent directors
with a written charter addressing the committee’s purpose and responsibilities, (iv) that the compensation committee considers certain
independence factors when engaging legal counsel and other committee advisors and (v) for an annual performance evaluation of the governance
and compensation committees.

Although we do not intend to rely on the
“controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If
we elect to rely on the “controlled company” exemption, a majority of the members of the Board might not be independent directors
and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. As a result,
you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

| 15 |

<div align='center'>THE OFFERING</div>

| Number of Common Stock registered by us on behalf of the Selling Stockholders named in this prospectus |     | 1,614,500 shares issuable upon exercise of the Warrants.                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Common Stock outstanding after this offering(1