Worksport Ltd (WKSP): debt financing — Worksport receives default notice from Northeast Bank on $5.3M loan; seeks waiver

Worksport Ltd

Default notice from Northeast Bank under May 2022 loan agreement for $5.3M; alleged breaches include debt service coverage ratio and Nov 2 securities offering.
Northeast Bank may accelerate all amounts due, including principal, accrued interest, default-rate interest, and costs.
Company is in active discussions with Northeast Bank to obtain a waiver for the alleged defaults.

item 2.04 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Worksport Ltd reported a default on loan of $5,300,000 with Northeast Bank.

Instrument: loan
Principal: $5,300,000
Counterparty: Northeast Bank
Event: default

Exact text from the filing

On November 16, 2023, Worksport Ltd. (the "Company") received notice from Northeast Bank alleging that Worksport New York Operations Corporation (the "Borrower"), a wholly owned subsidiary of the Company, breached the terms of a loan agreement dated as of May 4, 2022, by and between the Company and the Borrower (the "Loan Agreement"), relating to a loan in the amount of $5,300,000.

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Worksport Ltd filing history →

Source: SEC EDGAR

accession 0001493152-23-042685

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