WKSP Worksport Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 13, 2024

 

WORKSPORT LTD.
(Exact name of registrant as specified in its charter)

 

Nevada		001-40681		35-2696895
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

2500 N America Dr

West Seneca, New York 14224
(Address of principal executive offices) (ZIP Code)

 

(888) 554-8789

Registrant’s telephone number, including area code

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbols		Name of each exchange on which registered
Common		WKSP		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On December 13 2024, Worksport Ltd. (the “Company”) issued a press release: “Worksport Ltd. ($WKSP) Shares Multiple Milestones, Strengthens Market Position as Initial Crypto (BTC and XRP) Investment Nears”. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated December 13, 2024, “Worksport Ltd. ($WKSP) Shares Multiple Milestones, Strengthens Market Position as Initial Crypto (BTC and XRP) Investment Nears”
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	WORKSPORT LTD.
Date: December 13, 2024	By:	/s/ Steven Rossi
	Name:	Steven Rossi
	Title:	Chief Executive Officer
		(Principal Executive Officer)

 

 

Exhibit 99.1

 

Worksport Ltd. ($WKSP) Shares Multiple Milestones, Strengthens Market Position as Initial Crypto (BTC and XRP) Investment Nears

 

Reports 117% Dealer Network Growth, Secures Initial Pre-Orders from Leading Distributors, and Advances BTC/XRP Integration

 

West Seneca, New York, December 13, 2024 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today provided a corporate update for December 2024. From accelerated sales, pre-orders, and expanding dealer networks, to establishing a proactive strategy in treasury management by incorporating Bitcoin (“BTC”) and Ripple (“XRP”), Worksport is excited to share the latest updates.

 

Driving Growth Through Strategic Initiatives

 

Worksport’s recent success reflects a series of strategic initiatives that have generated meaningful traction and interest. The Company’s move to proactively diversify its corporate treasury—allocating up to $5 million in Bitcoin and Ripple, capped at 10% of excess cash—reinforces Worksport’s belief in the long-term potential of digital assets as inflation-resistant stores of value. This approach, coupled with the Company’s expanding product portfolio and dealer network, has strengthened its foothold in a rapidly evolving market.

 

“This past week marks an inflection point for Worksport’s growth trajectory,” said Steven Rossi, Chief Executive Officer of Worksport Ltd. “Our proactive decision to integrate Bitcoin and Ripple into our treasury strategy, coupled with noteworthy sales increases, 117% growth in our dealer network, and encouraging pre-orders volumes of our upcoming AL4 from two leading U.S distributors, reflects our commitment to innovation and long-term value creation. The attention we’ve received from leading crypto custodians further validates our approach, and we’re eager to leverage their expertise to maximize returns on these digital assets by considering unique strategies like crypto staking.”

 

Crypto Integration and Industry Recognition

 

Following the Company’s announcement to adopt BTC and XRP in its corporate treasury, notable players in the cryptocurrency sector took notice. Two leading crypto custodians have approached Worksport with their services, and the Company is now evaluating these proposals to ensure secure, compliant custody of its digital asset holdings. As Worksport prepares to engage in initial BTC and XRP purchases, it is also exploring staking opportunities that could potentially enhance treasury returns. Worksport is actively working towards enabling crypto payments for purchases on its e-commerce platform, www.worksport.com.

 

 

Expanding Sales and Dealer Network

 

	●	Sales Growth: In the wake of last week’s announcement of a 51% increase in B2C sales and a 60% rise in B2B sales, Worksport is pleased to share that its dealer network has grown by 117% since September 2024. This increase in partners, coupled with the recent boost in brand visibility, positions the Company to further capitalize on robust demand.
	●	Upcoming Product Launches: The Company’s forthcoming AL4 tonneau cover has already secured pre-orders from two leading industry distributors. With the AL4’s scheduled launch approaching, Worksport expects to capture greater market share. Following the AL4, the Company will introduce its SOLIS solar tonneau cover and COR mobile power generation system later in 2025, expanding its portfolio of clean-tech innovations designed to meet the growing need for sustainable energy solutions.

 

Enhanced Visibility Through National Television Exposure

 

Worksport’s recent appearance on FOX & Friends on December 8, 2024, showcased its upcoming clean-tech products and American-made tonneau covers to a nationwide audience. This high-profile exposure has generated new peripheral opportunities for brand penetration, and even broader market engagement. The positive reception underscores the Company’s potential to convert heightened visibility into tangible growth across its business lines.

 

Key 2024 Press-Releases

 

	●	December 6: Worksport Shares 51% B2C and 60% B2B Sales Growth in November
	●	December 5: Worksport Adopts Changes To Corporate Treasury
	●	November 22: Worksport Announces 30% Increase in Production Capacity
	●	November 21: CEO Insider Purchase; Worksport Investigates Short Selling
	●	October 29: 200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4
	●	October 17: Nasdaq Grants Extension To Regain Compliance
	●	October 17: $2MM+ Projected Savings From New Strategic Initiative
	●	September 30: Update On ISO Certification
	●	September 19: Alpha Launch of SOLIS & COR
	●	September 11: Worksport COR as an EV Range Extender for Tesla Model 3
	●	August 14: Record High Revenues; 275% Q2 Growth
	●	May 8: Worksport Awarded $2.8MM Grant

 

Read all Worksport press releases: [Link to All Press Releases].

 

 

About Worksport

 

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the EV sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.

 

Connect with Worksport

 

Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.

 

Product social media		Investor social media
Instagram		X (formerly Twitter)
Facebook YouTube		LinkedIn Link to Newsletter

 

Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, SEC filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.

 

The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

 

For additional information, please contact:

 

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com

 

 

Forward-Looking Statements

 

The information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “should,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.

 

 

v3.24.3

Cover	Dec. 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 13, 2024
Entity File Number	001-40681
Entity Registrant Name	WORKSPORT LTD.
Entity Central Index Key	0001096275
Entity Tax Identification Number	35-2696895
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2500 N America Dr
Entity Address, City or Town	West Seneca
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14224
City Area Code	(888)
Local Phone Number	554-8789
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common
Trading Symbol	WKSP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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