Welcome to our dedicated page for Worksport, Ltd. news (Ticker: WKSP), a resource for investors and traders seeking the latest updates and insights on Worksport, Ltd. stock.
Worksport Ltd, under its subsidiaries, is a leading designer, developer, and manufacturer of tonneau covers, solar integrations, and hydrogen-based green energy solutions. The company's innovative products cater to the automotive and clean energy industries, with a focus on sustainability and eco-friendly solutions. Worksport has reported significant revenue growth, operational successes, and strategic collaborations, positioning itself as a key player in the market.
Worksport's product lineup includes soft vinyl and hard aluminum tonneau covers, as well as upcoming first-to-market solar tonneau covers and portable energy systems. The company's recent financial results for Q1 FY 2024 showcased impressive revenue increases, operational efficiencies, and gross margin improvements. Worksport's strategic investments in production, inventory, and expansion highlight its commitment to growth and innovation.
With a robust intellectual property portfolio, Worksport is well-positioned to lead the market with cutting-edge technologies and groundbreaking products. The company's partnerships, distribution networks, and growth forecasts underscore its trajectory towards transformative success in the automotive and clean energy sectors.
Worksport Ltd. (OTC: WKSP) has announced a public offering of 3,272,727 units priced at $5.50 each, aimed at raising $18 million. Each unit includes one share of common stock and one warrant, exercisable at $6.05. The offering will close on August 6, 2021, following a 1-for-20 reverse stock split effective August 4, 2021. The company has also granted underwriters a 45-day option for additional stock. The shares will trade on the Nasdaq under symbols WKSP and WKSPW.
Worksport Ltd. (OTC: WKSP) will present at the LD Micro Invitational XI on June 8, 2021, at 1:30 PM EDT. CEO Steven Rossi will discuss the company's advancements in sustainable energy and upcoming innovations. The event runs from June 8-10, featuring around 180 companies and influential keynotes. Worksport is focused on eco-friendly solutions, including solar-powered systems and modular tonneau covers, targeting truck owners and outdoor enthusiasts. For more information, visit worksport.com.
Worksport Ltd (OTC: WKSP) announced a strategic partnership with Ontario Tech University to enhance research and development efforts. The collaboration, spanning two years, grants access to the ACE Testing Facility, aiming to finalize prototyping of the TerraVis Solar Truck Bed Cover System by Q3 2021. Professor Sheldon Williamson, PhD, will lead the research team, enhancing product optimization and energy efficiency. This partnership is expected to boost operational efficiencies and supports Worksport's goals to innovate in green electric applications, with plans for future collaborations with other institutions.
Worksport Ltd (OTC: WKSP) has announced significant growth in its workforce to enhance its R&D capabilities. The company has hired two full-time industrial engineers, an industrial designer, and two advisory engineers with extensive experience in mechanical and electrical fields. Additionally, Worksport is expanding its operational team in a new Canadian facility, focusing on marketing and customer service roles. The CEO emphasizes that this strategic hiring aims to support the launch of the TerraVis product line and future innovations, thereby creating substantial value for stakeholders.
Worksport Ltd (OTC: WKSP) has announced significant progress on its TerraVis COR™ mobile energy storage system. The company has completed final designs and entered the production prototype phase, with the first prototype expected by early Q3 2021. A specialized website is set to launch soon due to growing demand. CEO Steven Rossi emphasizes the system's user-friendly design and potential as a global product. Additionally, Worksport is pursuing sales through major online retailers and physical stores to broaden its market presence.
Worksport Ltd (OTC: WKSP) has made significant strides in expanding its customer base, securing three new private label customers in the automotive sector. Following its announcement on March 16, 2021, the Company is witnessing overwhelming product demand, leading to a queue of additional customer orders. Worksport aims to realize profitability once again, as seen in 2019, and plans its first shipment from the latest signed Private Label brand. CEO Steven Rossi emphasizes the importance of strengthening manufacturing capabilities to meet increasing demand.
Worksport Ltd (OTC: WKSP) announced its participation at the Benzinga Global Small Cap Conference on May 13-14, 2021, inviting shareholders to explore investment opportunities. The company also signed a lease for a new manufacturing facility in Mississauga, Ontario, aimed at enhancing production capabilities and opening new opportunities. This facility is expected to support Worksport’s growth and product development, particularly in modular tonneau covers and solar-powered systems for light-duty trucks. Shareholders are encouraged to register for updates via company newsletters and social media.
Worksport Ltd. (OTC: WKSP) has signed a lease for a new manufacturing facility in Mississauga, Ontario. The agreement fosters a partnership with a Tier-one OEM automotive manufacturer, enhancing Worksport's production capabilities.
The facility will be move-in ready within months, allowing Worksport to utilize less than half the space initially, optimizing cost savings as they grow. Equipped with stamping presses and modern tools for product development, this site will facilitate the assembly of the upcoming TerraVis™ and support further innovations aimed at the EV and Sustainable Energy markets.
Worksport Ltd (OTC: WKSP) announced it is nearing completion of negotiations for a new manufacturing facility in Canada. This strategic investment aims to enhance production capacity for its TerraVis tonneau cover systems and TerraVis COR battery systems. The new facility is expected to improve scalability, operational efficiency, and reduce unnecessary expenditures. The CEO emphasizes that increased production capacity will positively impact profitability without harming the company's finances. Additional details regarding the lease finalization and partnerships in the North American automotive sector are forthcoming.
Worksport Ltd. (OTC: WKSP) plans to list its shares on the NASDAQ Capital Markets Exchange and has authorized a reverse stock split of common shares between 1-for-10 and 1-for-30, contingent on the successful listing. CEO Steven Rossi stated that the reverse split is crucial for elevating the company's profile and broadening its investor base. Worksport boasts a strong balance sheet with nearly $10 million in cash and plans to release its innovative Terravis COR™ mobile battery system soon, while continuing to enhance manufacturing capabilities.
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