---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-039383"
form_type: "8-K"
ticker: "WKSP"
cik: "0001096275"
company_name: "Worksport Ltd"
filed_at: "2023-11-03T23:59:59+00:00"
generated_at: "2026-06-08T21:57:25.794719+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-039383
- form_type: 8-K
- ticker: WKSP
- cik: 0001096275
- company_name: Worksport Ltd
- filed_at: 2023-11-03T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1096275/000149315223039383/0001493152-23-039383-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1096275/000149315223039383/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-039383
- JSON: https://secwatch.observer/filing/0001493152-23-039383.json
- Plain text: https://secwatch.observer/filing/0001493152-23-039383.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1096275/000149315223039383/0001493152-23-039383-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1096275/000149315223039383/0001493152-23-039383-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.