Worksport Announces Closing of Underwriters’ Option to Purchase Additional Shares of Common Stock in Connection with its Underwritten Public Offering
September 02 2021 - 3:22PM
Worksport
Ltd. (Nasdaq: WKSP, WKSPW) (“Worksport”
or the “Company”), a company that designs and distributes pickup
truck covers called tonneau covers throughout the United States and
Canada, including Tonneau covers that provide security and
protection for cargo to personal pickup truck owners, today
announced the closing of the sale of an additional 210,909 shares
of its common stock at a price of $5.49 per share pursuant to the
exercise of the underwriters’ over-allotment option in connection
with its public offering that closed on August 6, 2021, resulting
in gross proceeds of approximately $1.2 million and bringing the
total gross proceeds of the public offering to approximately $19.2
million.
Maxim Group LLC acted as sole book-running
manager for the offering.
The offering was conducted pursuant to the
Company’s registration statement on Form S-1 (File No. 333-256142),
as amended, previously filed with, and subsequently declared
effective by the Securities and Exchange Commission (“SEC”) and a
related registration statement, filed on August 3, 2021 pursuant to
Rule 462(b) (File No. 333-258429) and which was automatically
effective upon filing. A final prospectus relating to the offering
was filed with the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from Maxim Group LLC, 300
Park Avenue, 16th Floor, New York, NY 10022, at (212)
895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About
Worksport
Worksport Ltd. designs and distributes pickup
truck covers called tonneau covers throughout the United States and
Canada. Tonneau covers are useful aftermarket accessories that
provide security and protection for cargo to personal pickup truck
owners. Worksport has developed soft vinyl tonneau covers and hard
aluminum tonneau covers. Covers are offered in three or four-panel
options. Once installed, our tonneau covers latch against the bed
of the truck and fold up against the back window of the truck
cab.
Worksport’s current products include the SC
(Soft Cover) SC3 (Tri-panel), SC3pro (Tri-panel with cable latching
system), and TC (Tough Cover) and TC3 lines. The Company is
currently developing the SC4 (Soft Cover, Four-Panel), TC4 (Hard
Cover, Four-Panel with cable latching system), and the TerraVis
System. TerraVis is being developed as a two-component system that
consists of a solar tonneau cover and portable core battery,
chargeable by the solar cover. All of Worksport’s products are
manufactured in China according to our specifications, schematics,
and blueprints.
Cautionary Note Regarding
Forward-Looking Statements
This release contains forward-looking statements
regarding the timing and financial impact of Worksport’s ability to
implement its business plan, expected revenues, and future success.
The words “believe,” “may,” “estimate,” “continue,” “anticipate,”
“intend,” “should,” “plan,” “could,” “target,” “potential,” “is
likely,” “will,” “expect” and similar expressions, as they relate
to us, are intended to identify forward-looking statements. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy, and financial needs. Actual
results may differ materially from those included in these
statements due to a variety of factors, including: Worksport’s
ability to successfully compete in the marketplace for its current
and future products, its ability to protect its intellectual
property rights; the effectiveness of its sales, and marketing
efforts, its ability to enter and execute favorable manufacturing
and distribution agreements, the impact of the COVID-19 pandemic
continues, and other factors, over which Worksport has no
control.
Further information on our risk factors is
contained in our registration statement on Form S-1 (File No.
333-256142) and the final prospectus that we have filed with the
SEC. Any forward-looking statement made by us herein speaks
only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments, or otherwise, except as may be required by law.
Contact:Worksport
Ltd.investors@worksport.com888-554-8789
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