Worksport raises ~$4.7M in registered direct offering and private placement; CEO granted 1.5M performance-based options

Worksport Ltd

Priced registered direct offering of 3.5M shares or pre-funded warrants at $1.34/unit; gross proceeds ~$4.7M.
Net proceeds of ~$4.2M after fees; intended for working capital and general corporate purposes.
Concurrent private placement of warrants to purchase up to 7M shares at $1.34, exercisable from May 2024 to May 2029.
CEO Steven Rossi granted incentive stock options for 1.5M shares at $1.44, vesting upon achieving $10M–$50M annual revenue milestones.
Placement agent Maxim Group receives 7% cash fee; company subject to 90-day lock-up on further equity issuances.

item 1.01 item 3.02 item 5.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Worksport Ltd entered into Placement Agency Agreement with Maxim Group LLC (effective 2023-10-31).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, the Company also entered into a placement agency agreement (the “Placement Agency Agreement”) with Maxim Group LLC (the “Placement Agent”) as the exclusive placement agent in connection with the offering.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Worksport Ltd entered into Securities Purchase Agreement with a certain institutional investor (effective 2023-10-31).

Action: entry
Agreement: equity purchase
Counterparty: a certain institutional investor
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, Worksport Ltd., a Nevada corporation (the “Company”), entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a certain institutional investor (the “Purchaser”) pursuant to which the Company sold, in a registered direct offering, an aggregate of (i) 1,925,000 shares (the “Shares”) of common stock, par value $0.0001 per share, of the Company (“Common Stock”); and (ii) 1,575,000 pre-funded warrants (the “Pre-funded Warrants”) to purchase up to 1,575,000 shares of Common Stock (the “Pre-funded Warrant Shares”).

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

Worksport Ltd filing history →

Source: SEC EDGAR

accession 0001493152-23-039383

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.