---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-042685"
form_type: "8-K"
ticker: "WKSP"
cik: "0001096275"
company_name: "Worksport Ltd"
filed_at: "2023-11-24T23:59:59+00:00"
generated_at: "2026-06-07T21:47:00.787764+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Worksport receives default notice from Northeast Bank on $5.3M loan; seeks waiver

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-042685
- form_type: 8-K
- ticker: WKSP
- cik: 0001096275
- company_name: Worksport Ltd
- filed_at: 2023-11-24T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.04, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/0001493152-23-042685-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-042685
- JSON: https://secwatch.observer/filing/0001493152-23-042685.json
- Plain text: https://secwatch.observer/filing/0001493152-23-042685.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/0001493152-23-042685-index.htm

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