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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
March
6, 2024
Worksport,
LTD
(Exact
Name of Registrant as Specified in its Charter)
Nevada |
|
001-40681 |
|
35-2696895 |
(State
of
incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
2500
N America Dr
West
Seneca, NY 14224
(Address
of principal executive offices)
888-554-8789
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address if changed from last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
|
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
WKSPW |
|
The
Nasdaq Stock Market LLC |
Item
7.01 Regulation FD Disclosure
On March 6, 2024, Worksport Ltd. (the “Company”) issued a press release announcing it is Set to Launch Innovative SOLIS
& COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford. A copy of the press release is attached hereto
as Exhibit 99.1.
The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section,
or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in any such filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
WORKSPORT
LTD. |
|
|
Date:
March 6, 2024 |
By: |
/s/
Steven Rossi |
|
Name: |
Steven
Rossi |
|
Title: |
Chief
Executive Officer
|
|
|
(Principal
Executive Officer) |
Exhibit
99.1
Worksport
Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford.
West
Seneca, New York, March 6, 2024 – Worksport Ltd. (Nasdaq: WKSP) (“Worksport” or the “Company”),
a manufacturer of truck beds and solar-integrated tonneau covers for pickup trucks, is excited to announce the anticipated summer launch
of its revolutionary SOLIS Solar Cover and COR Battery System. The SOLIS Cover is expected to be available for major brands including
the Ford Motor Company (“Ford”), the General Motors Company (“General Motors or “GM”) and the Hyundai Motor
Company (“Hyundai”). Also, with immense popularity, Tesla, Inc. (“Tesla” or “Cybertruck”) with the
Tesla Cybertruck could, one day, become an ideal candidate for the Worksport SOLIS and COR bundle, as the Tesla Cybertruck reaches mass
market through increased deliveries. The innovative SOLIS and COR duo is on track for its scheduled release, promising to deliver an
unparalleled off-grid power solution perfect for pickup truck users who enjoy camping, remote work, sports, and various outdoor activities.
There also is a large market opportunity for both COR and SOLIS products for light trucks and those who work within military, law enforcement,
and first responders within North America and globally.
The
benefits and applications for the SOLIS Solar Cover, coupled with the COR Battery System, are designed to transform the utility of pickup
trucks by offering off-grid power, allowing over 60 million pickup trucks just in the USA alone to become traveling microgrids. Further,
in future partnerships with EV manufacturers, the SOLIS Cover itself can provide additional electric driving range and charging capabilities
directly from the sun. Worksport currently has open conversations with multiple OEM vehicle brands and has previously announced the production
of prototypes for Hyundai. In addition to applications in pickup trucks such as Ford and General Motors, Worksport engineering departments
are exploring new truck compatibility for future additional application coverage which could, one day, include Tesla and the Tesla Cybertruck.
Fitment of the Worksport SOLIS with the Tesla Cybertruck is yet to be determined, but possible. A direct partnership between Worksport
and Tesla would further integration of the SOLIS to be able to passively charge the Cybertruck. However, as an aftermarket add-on accessory,
the SOLIS and the COR system would provide unparalleled utility for portable, mobile, solar energy away from the power grid.
No
pickup truck necessary. The Worksport COR Portable Energy Storage System, the Company’s highly anticipated mobile battery power
generator system, is also planned to be offered to the domestic and global consumer market, not just pickup truck owners. The COR System
can be recharged by any wall outlet or any solar panels, allowing the COR System to be used by anyone, anywhere, to power almost anything.
This plan opens Worksport’s addressable market from 60 million pickup truck owners to the coveted global market for consumer electronic
devices. The COR System will be one of very few power electronic devices that will be fully designed and produced within North America
(using foreign and domestically sourced components). The Company believes North American innovation paired with local manufacturing will
make the Worksport COR system among the best and most innovative mobile battery power generators ever released. With exclusive features
such as modular batteries, for limitless power, and hot swap features and a clever built in uninterrupted power supply. This innovative
power supply is to allow batteries to be changed and recharged without losing power to appliances connected and operating from the COR
device.
As
the launch date approaches, Worksport is pleased to report that nearly all components for the COR Alpha Release have arrived and are
currently undergoing rigorous testing. While results are pending, initial tests appear promising, indicating that the product is likely
to meet and exceed expectations. Prior to full market release this summer, the COR System will first have an Alpha Release for real consumer
testing to ensure a successful market release.
Concurrently,
prototypes of the SOLIS Solar Cover are in development and will be tested on different truck brands, including Hyundai, Ford, General
Motors, Stellantis RAM, and more. Worksport’s manufacturing facility in Buffalo, New York, is producing the Company’s state-of-the-art
innovative hard-folding covers, which serve as the base for the SOLIS Solar Cover and contribute to the Company’s current revenue
growth. Worksport recently announced compatibility of its hard-folding covers with a wide range of popular truck models, including RAM
by Stellantis, General Motors brands GMC and Chevrolet, Ford, Jeep by Stellantis, Nissan, and Toyota.
Steven
Rossi, CEO of Worksport, comments on the journey toward this landmark release: “We have faced enormous challenges, including delays
caused by issues that have affected supply chains across the globe. Despite these obstacles, our team’s dedication and hard work
have kept us on track to deliver, and we now feel confident about releasing the SOLIS Solar Cover and the COR Battery System this summer
to consumers. The SOLIS and COR duo embody our commitment to innovation and our vision for a more sustainable future.”
The
impending release of the SOLIS Solar Cover and COR Battery System marks a significant milestone for Worksport as it continues to push
the boundaries of automotive accessory technology, providing customers with smart, eco-friendly solutions for their energy needs. The
Company is positioning itself in renewable energy for a better tomorrow.
OEM’s
(such as those named above), dealers, and distributors with interest in exploring integration of Worksport’s products with specific
vehicles are encouraged to email sales@worksport.com with any inquires.
For
more information about Worksport Ltd., the SOLIS Solar Cover, and the COR Battery System, please visit investor.worksport.com.
About
Worksport
Worksport
Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety
of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean
energy, and automotive industries. Worksport currently maintains an active partnership with Hyundai for the SOLIS Solar cover. Additionally,
Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General
Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. Worksport seeks to capitalize on the growing shift of consumer mindsets
towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic),
Hydrogen-based technology. Terravis Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
Connect
with Worksport
Please
follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube,
and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well
as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of,
or accept any responsibility for any content on these third party websites other than content published by the Company.
Worksport
strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level
of visibility.
LinkedIn
Facebook
X
(previously Twitter)
Instagram
YouTube
Investors
and others should note that the Company announces material financial information to our investors using our investor relations website,
press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company
also uses the Accounts to announce Company news and other information. The information shared on the Accounts could be deemed to be material
information. As a result, the Company encourages investors, the media, and others to review the information the Company publishes on
the Accounts.
In
order to comply with Regulation FD, the Company does not selectively disclose material non-public information on any Account. If there
is any significant financial information, it is the policy of the Company to release it broadly to the public through a press release
or SEC filing prior to publishing it on one of the Accounts.
For
additional information, please contact: Steven Obadiah, Investor Relations, Worksport Ltd.
T:
1 (888) 554 8789 E: investors@worksport.com W: www.worksport.com
Forward-Looking
Statements
The
information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view
about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,”
“expect,” “future,” “intend,” “plan,” “project,” “should,” or
the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Forward-looking
statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products
by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar
products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements
is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at
www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s
actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release.
The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes
no obligation to update them to reflect subsequent events or circumstances.
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