Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 220

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 220
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 obtained and will have
    a term of exercise of five and one half (5½) years following the date of issuance. The Company engaged Maxim Group LLC (“Maxim”)
    to act as its exclusive warrant solicitation agent and financial advisor in connection with the warrant inducement transaction and
    paid Maxim a cash fee equal to 7.0% of the gross proceeds received from the exercise of the Existing Warrants. The Company used and
    is expecting to use the net proceeds of these transactions for general corporate purposes, including working capital.

    ●
    On September 19, 2024, the Company issued 95,000 shares of common stock to an investor at a $0.40 per share purchase price and warrants
to purchase up to 190,000 shares of common stock at an exercise price of $0.40 per share. The warrants will be exercisable for a period
of five year from the date of issuance.

The
issuance of the securities listed above was deemed exempt from registration under Section 4(a)(2) of the Securities Act or Regulation D
promulgated thereunder in that the issuance of securities were made to an accredited investor and did not involve a public offering.
The recipient of such securities represented its intention to acquire the securities for investment purposes only and not with a view
to or for sale in connection with any distribution thereof.

Securities
Authorized for Issuance Under Equity Compensation Plans

See
“Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters—Equity
Incentive Plans” of this report which is incorporated herein by reference.

Equity
Incentive Plans

See
“Part III Item 11, Executive Compensation” of this report which is incorporated herein by reference.

32

ITEM
6. [RESERVED].

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Prospective
investors should read the following discussion and analysis of our financial condition and results of operations together with our financial
statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information
contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans
and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding
Forward-Looking Statements.” This discussion should be