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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): October 31, 2024
WORKSPORT
LTD.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
001-40681 |
|
35-2696895 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
2500
N America Dr
West
Seneca, New York 14224
(Address of principal executive offices) (ZIP Code)
(888)
554-8789
Registrant’s
telephone number, including area code
Not
Applicable
(Former name or former address, if changed since 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:
| ☐ |
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
Symbols |
|
Name
of each exchange on which registered |
| Common |
|
WKSP |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
October 31, 2024, Worksport Ltd. (the “Company”) issued a press release: “Worksport Ltd. Unveils Upgraded SOLIS
Technology, Enhancing Solar Tonneau Covers for Broader Market Reach”. 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.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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:
October 31, 2024 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief
Executive Officer (Principal Executive Officer) |
Exhibit 99.1
Worksport
Ltd. Unveils Upgraded SOLIS Technology, Enhancing Solar Tonneau Covers for Broader Market Reach
Innovative
Upgrade Reduces Consumer Costs by Up to $400 and Increases Compatibility Across Multiple Battery Generator Brands and Types
West
Seneca, New York, October 31, 2024 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”),
a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods
sectors is excited to announce a development for its advanced solar technology system. The Worksport SOLIS solar tonneau cover
will be improved to operate at 60V, a meaningful upgrade that is believed to bring substantial cost savings to consumers, expand
the addressable market size, and simplify integration with a wider range of other battery generator systems existing in the marketplace.
Cost
Savings for Customers & Broader Product Appeal
The
change to 60V output provides strong benefits to Worksport’s upcoming SOLIS solar cover product line. Key benefits include:
| ● | Cost
Savings: Anticipated savings of up to $400 USD for the end user, allowing Worksport’s
patented SOLIS solar cover to be affordable for a larger portion of the huge global pickup
truck market. |
| ● | Broader
Compatibility: Enhanced compatibility with a wider range of existing portable energy
systems, expanding market potential. |
| ● | Same
Performance, Less Complex: The lower voltage is not expected to impact the cover’s
performance, while also reducing the complexity of Worksport’s Maximum Power Point
Tracking (MPPT) system. |
| ● | Simplified
Systems: The 60V configuration streamlines the SOLIS cover and the COR portable energy
storage systems, simplifying installation and user experience. |
Worksport
SOLIS & COR
This
planned upgrade to the Worksport SOLIS cover comes as the system is currently in an Alpha release phase, and the Company is collecting
real world feedback on the early production units. Worksport’s SOLIS Solar Cover and COR Portable Energy Systems are expected
for market release in the near term. Together, they form an advanced nano-grid solution that generates clean, portable power for both
recreational and professional uses. Positioned in a rapidly growing portable power market exceeding $4 billion, these innovations
are expected to drive the future of Worksport’s growth. Investors can read more
here.
Streamlined
Solutions and Market Potential
The
development of the 60V SOLIS solution allows for a simpler connection between the SOLIS Solar Cover and portable energy systems, like
the Worksport COR.
This
development will be in immediate effect for the Alpha release within the coming days and
is expected to enhance both user experience and cost. This advancement aligns with Worksport’s strategic vision to capture substantial
market share in the booming portable energy market. A redesigned wireway management system, set to be finalized by the end of November,
will further improve efficiency and aesthetics.
While
providing multiple expected benefits, Worksport does not anticipate any timeline shifts as result of this development, the Company will
continue to test and enhance the Alpha release systems in real world conditions. As the Alpha release continues to excitingly advance,
the Company is preparing for influencer campaigns and live demonstration events to publicly showcase the quality and performance
of the Worksport SOLIS Covers with the Worksport COR & other battery generator systems. The Alpha release will be followed by preorders
and a larger scale Beta release.
CEO
Commentary
“SOLIS
testers spoke, and we listened! With this change we expect to drastically enhance compatibility and materially reduce projected customer
costs, so we can make our upcoming sustainable energy solutions more affordable to a wider audience,” said Steven Rossi,
CEO of Worksport Ltd. “This upgrade not only strengthens our competitive position but also aligns with our commitment
to delivering exceptional value and driving growth. We’re excited about the future prospects this technology brings and remain
dedicated to pushing the boundaries of innovation in our industry. This solar cover will be priced closely to conventional covers in
our marketplace. We think this will make it a clear choice for a huge portion of the 60 million pickup trucks on U.S. roads.”
Investor
Inquiries May Be Directed To:
Investor
Relations, Worksport Ltd.
T:
1 (888) 554-8789 x128
W1:
https://investor.worksport.com
W2:
www.worksport.com
E:
investors@worksport.com
Key
2024 Press-Releases:
| ● | October
29: 200% Growth in B2B Sales; Pre-Order Campaign Initiated For AL4 |
| ● | October
17: Nasdaq Grants Extension To Regain Compliance |
| ● | October
17: $2MM+ Projected Savings From New Strategic Initiative |
| ● | October
3: Commencing U.S Government Sales |
| ● | September
30: Update On ISO Certification |
| ● | September
19: Alpha Launch of SOLIS & COR |
| ● | September
11: Worksport COR as an EV Range Extender for Tesla Model 3 |
| ● | August
14: Record High Revenues; 275% Q2 Growth |
| ● | August
1: Impressive SOLIS Solar Cover Test Results |
| ● | May
8: Worksport Awarded $2.8MM Grant |
Read
all Worksport press releases: [Link to All Press Releases].
Stay
Connected
| ● | Investor
Newsletter: Investors and customers are invited to follow Worksport’s progress
as it builds on this momentum and strives to redefine industry standards with each new corporate
development. Link to Newsletter |
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com E: investors@worksport.com W: worksport.com
About
Worksport
Worksport
Ltd. (Nasdaq: WKSP), 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 has 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.
| Product
social media |
|
Investor
social media |
| Instagram |
|
X
(formerly Twitter) |
Facebook
YouTube |
|
LinkedIn
Link
to Newsletter |
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 social media to announce Company news and other information. The Company encourages investors, the media, and others to review
the information the Company publishes on social media.
The
Company does not selectively disclose material non-public information on social media. If there is any significant financial information,
the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For
additional information, please contact:
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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. These
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.
1.
Immediate change, now more engineering work required.
2.
Timelines not shifted
3.
What’s next: - testing them now, alpha launch will be updated to reflect this, and we will get more out on testing.
4:
Live demonstration date and influencer dates
v3.24.3
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