Worksport closes initial $160K tranche of 8% Series C preferred Reg A offering

Worksport Ltd

• Issued 49,335 Units at $3.25/Unit in initial closing of up to 3.1M Unit Reg A offering.
• Gross proceeds $160,339; net proceeds $149,115 after $11,224 in commissions/expenses.
• Each Unit: one share of 8% Series C Convertible Preferred ($3.25 liquidation preference) plus one warrant to buy common at $4.50.
• Preferred pays 8% cumulative annual dividend, convertible to common subject to 9.99% ownership cap, mandatory conversion after 2 years.