secwatch.observer — SEC 8-K summary
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Issuer:     Worksport Ltd (WKSP)
CIK:        0001096275
Form:       8-K
Filed at:   2023-11-24T23:59:59+00:00
Accession:  0001493152-23-042685
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 2.04, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/0001493152-23-042685-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1096275/000149315223042685/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-042685

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