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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
29, 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 29, 2024, Worksport Ltd. (the “Company”) issued a press release: “Worksport Ltd. Sees Over 200% Growth in
B2B Sales; Initiates Pre-Order Campaign for New AL4 Tonneau Cover”. 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 29, 2024 |
By: |
/s/
Steven Rossi |
| |
Name: |
Steven
Rossi |
| |
Title: |
Chief Executive Officer
(Principal Executive Officer) |
Exhibit
99.1
Worksport
Ltd. Sees Over 200% Growth in B2B Sales; Initiates Pre-Order Campaign for New AL4 Tonneau Cover
Company
Initiates Business with Hundreds of Dealers Across USA; New Model: AL4 Attracts Industry-Leading Distributors
West
Seneca, New York, October 29, 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 thrilled to announce a significant milestone in its business-to-business (B2B) sales growth, and the newly initiated
pre-order campaign for its highly anticipated AL4 Premium Tonneau Cover.
Explosive
B2B Sales Growth
In
the last four months, Worksport has impressively achieved over 200% growth in Dealer Account sales of its Worksport-branded
products, with key dealers in most major areas across the USA and Canada. This exponential growth is attributed to the surging interest
in high-quality, aggressively priced tonneau covers that meet the demands of today’s market. While the Company’s private
label and consumer direct businesses continue to drive the largest share of revenue for Worksport, the impressive surge in dealer
sales represents an exciting opportunity for future growth.
Strategic
Dealer Expansion with High Conversion Rates
| ● | Retail
Display Units Shipped: Worksport has shipped hundreds of displays to key dealer
accounts across the United States. These retail display units will continue to convert into
dealer sales perpetually, representing a considerable long-term dealer level growth objective. |
| | | |
| ● | Conversion
Ratio: These display units have generated an outstanding 31% conversion rate,
meaning nearly one-third of dealers who received retail display units have placed orders
nearly immediately, preceding receiving and assembling these Worksport Retail Display Units.
Worksport’s sales team is working towards 100% sales conversion as a result of each
retail display unit installed in dealer showrooms in the USA and Canada. |
| | | |
| ● | Vast
Market Potential: With over 17,000 dealers in the U.S., strong dealer interest
signals a substantial opportunity for continued sales growth. Worksports growing sales team
is continuing to establish direct connection with each dealer across the USA and Canada. |
Regional
Success and Market Penetration
| ● | Strong
Performance in the Southwest: The Company has experienced particularly robust sales in
the Southwest region, driven by Worksport’s fast shipping times and high market
demand for tonneau covers. |
| | | |
| ● | First
Order from Puerto Rico: Worksport is excited to announce its first-ever B2B order
from a customer in Puerto Rico, consisting of initial crates of both hard and soft covers.
This marks a significant expansion into new territories. |
AL4
Premium Tonneau Cover Pre-Order Campaign
Following
the recently announced production schedule of the AL4 Premium Tonneau Cover, Worksport is beginning to book pre-orders
from key dealer and distributor accounts in the USA and Canada. Pre-ordering will end at the end of November at which time Worksport
sales team expects significant early demand and orders.
Key
AL4 sales highlights include:
| ● | Interest
from Industry-Leading Distributors. Several top-tier national US based distributors are
in discussions to pre-order the AL4, reflecting strong market confidence in the product. |
| | | |
| ● | Scaling
Dealer Network. The Company will continue to expand its dealer network while attracting
new distributors to enhance scale and market reach. |
Management
Commentary
“The
remarkable trend we have seen in our B2B segment is a testament to the market’s appetite for high-quality, competitively priced
tonneau covers,” said Steven Rossi, CEO of Worksport Ltd. “Our strategic deployment of display stands has not
only expanded our dealer network but has also yielded an exceptional conversion rate of 31%. The newly initiated pre-order
campaign for the AL4 Premium Cover has already garnered interest from industry-leading distributors, signaling a bright future for
Worksport. We are committed to leveraging this momentum in 2025 and beyond.
Key
2024 Press-Releases:
| ● | 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
12: Record High August Sales |
| ● | 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].
About
Worksport Ltd.
Worksport
Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of
tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology. The Company is committed to transforming
the pickup truck industry through innovative technologies that enhance functionality and sustainability. For more information, please
visit www.worksport.com | investors.worksport.com | https://terravisenergy.com
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 |
| | | |
| ● | Contact
Information |
Investor
Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com E: investors@worksport.com W: 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.
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