Form 8-K - Current report

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):

January 9, 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 January 09, 2024, Worksport Ltd. (the “Company”) issued a press release announcing [ its subsidiary Terravis Energy Residential Heat Pump Prototype Shows Exciting Early Test Results Beating Current Market Standards ]. 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.

Exhibit No.

Description

99.1

[Worksports subsidiary Terravis Energy Residential Heat Pump Prototype Shows Exciting Early Test Results Beating Current Market Standards]

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: January 9, 2024	By:	/s/ Steven Rossi
	Name:	Steven Rossi
	Title:	Chief Executive Officer (Principal Executive Officer)

Exhibit 99.1

Residential Heat Pump Prototype Shows Exciting Early Test Results Beating Current Market Standards – Terravis Moves Heatpump To Commercial Design Stage

West Seneca, New York, January 9, 2024 – Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport”) and its subsidiary, Terravis Energy, Inc. (“Terravis” ), are pleased to announce a breakthrough in early test results for Terravis’ working prototype of its Cold Climate, Air Source Residential Heat Pump (CCHP). With traditional CCHP units designed to operate at approximately -25ºC (- 13º F), Terravis’ CCHP has produced heating in temperatures as cold as -35ºC (-31º F), surpassing current commercial units by as much as 40%. These early test results have surpassed management’s expectations, prompting Terravis to move to the commercial design stage for this product after further rigorous testing.

The forthcoming Terravis heat pump, a notable achievement in modern engineering, is set to redefine the boundaries of heating technology without the use of supplemental heating coils. It not only is expected to withstand the harshest North American winters, but thrive in them, effortlessly maintaining a warm and inviting indoor atmosphere regardless of how cold it may be outside. Its innovative design and advanced technology are expected to ensure comfort and reliability no matter how severe the weather could become.

“Terravis’ Cold Climate Heat Pump is intended for use in the residential home heating and cooling market, and to operate seamlessly even under the most daunting conditions,” said Terravis CEO Lorenzo H. Rossi. “In our Toronto R&D facility, our cutting-edge ‘Arctic Chamber’ created a simulated environment of extreme cold, and the Heat Pump demonstrated its unparalleled capability to maintain a comfortable temperature, even at a staggering -35ºC (-31ºF). This extraordinary feat was accomplished without reliance on typical auxiliary heating coils, a breakthrough that we believe sets the Terravis Heat Pump apart in the large worldwide heating solutions market.”

An air source heat pump utilizes the phase change of a refrigerant to transfer heat, capturing existing heat from outside air, amplifying its warmth, and then moving it indoors, functioning efficiently even in cold weather since some heat is always present in the air. When cooling, it employs the opposite phase change, from gas to liquid, to move heat from inside the home to the outside.

Terravis executed detailed tests that monitored performance across a range of 12 temperature points from -10ºC (14ºF) to -35ºC (-31F). These tests included checking four refrigerant pressure zones, airflow, and the energy consumption of each component. The impressive results from these tests have now prompted Terravis to move up its timetable for Heat Pump product development and commit to a commercial design stage in which it will perfect the product for an eventual market introduction.

“We are very pleased and excited by these early, very promising test results,” said Worksport CEO Steven Rossi. “The rapid pace of innovation we are now experiencing in all parts of the company, including Worksport and Terravis, confirms that the long overdue climate-friendly, zero emission path that we set out on some time ago is expected to be closer and closer to fruition. Fossil-fuel heating, one of the largest contributors to carbon emissions worldwide, requires significant amounts of energy. Widespread global adoption of heat pump technology can be a major contributor to creating the zero-emission future to which our company has committed itself. These early test results are a giant step toward that goal.”

As always, Worksport and Terravis will continue to update investors and shareholders as we refine the heat pump’s eventual product name, what it looks like, how it will work and when it will be launched. In addition, we anticipate reporting milestones on the product testing process and news as the heat pump and other products like the SOLIS solar truck cover and COR battery system progress to production models.

Commercial Interest & Opportunities

Terravis Energy is excited to invite interested parties to explore potential commercial opportunities associated with our forthcoming Cold Climate Heat Pump system.

For inquiries and further information, please contact Terravis Energy at info@terravisenergy.com

To facilitate more personalized and in-depth discussions, we encourage interested individuals to connect with our esteemed CEO, Lorenzo Rossi, on LinkedIn. Mr. Rossi’s profile can be found here.

Terravis Energy values collaboration and is eager to engage with partners who share our vision for a sustainable future. We look forward to the prospect of forging meaningful connections and driving innovation in the energy sector.

For further information, please visit Worksport’s official website for investors at investors.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 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.

About Terravis Energy, Inc..

Terravis Energy, Inc., a fully owned subsidiary of the Company (“Terravis”), designs, develops and manufactures clean, green energy solutions that power lifestyle markets, with each segment of the Company feeding into the derivation of the brand itself – Latin for “Earth” and “Force.” .

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.

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,” 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.

Cover	Jan. 09, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 09, 2024
Entity File Number	001-40681
Entity Registrant Name	Worksport, LTD
Entity Central Index Key	0001096275
Entity Tax Identification Number	35-2696895
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2500 N America Dr
Entity Address, City or Town	West Seneca
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14224
City Area Code	888
Local Phone Number	554-8789
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common
Title of 12(b) Security	Common
Trading Symbol	WKSP
Security Exchange Name	NASDAQ
Warrants
Title of 12(b) Security	Warrants
Trading Symbol	WKSPW
Security Exchange Name	NASDAQ