Worksport Announces Nasdaq Uplisting in Connection with Public Offering
Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) has received approval to list its common stock and warrants on the Nasdaq Capital Markets Exchange, effective August 04, 2021. This move follows a 1-for-20 reverse stock split and aims to enhance visibility among institutional investors, potentially broadening its shareholder base. The company reported over $20 million in cash, no long-term debt, and a commitment to using its strengthened balance sheet for growth opportunities.
- Listing on Nasdaq is expected to increase visibility and attract institutional investors.
- Strong balance sheet with over $20 million in cash and no long-term debt.
- A reverse stock split could indicate previous stock performance issues.
- Risk of dilution and market volatility post-listing.
Vaughan, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) (or the “Company”), a developer and manufacturer of high quality, modular, and attractively priced tonneau covers, and solar-powered systems for light-duty trucks, is announcing it has received approval to list its common stock and warrants on the Nasdaq Stock Market’s Capital Markets Exchange, with trading commencing today, August 04th, 2021. The Nasdaq ticker symbols for the Company’s common stock and warrants will be WKSP and WKSPW, respectively. As part of the process for meeting Nasdaq’s initial listing requirements, the Company completed a 1-for-20 reverse stock split of its outstanding common stock on August 04th, 2021.
Commenting on the NASDAQ uplisting, Steven Rossi, Worksport’s Chief Executive Officer, said, “We are delighted to see our shares begin trading on Nasdaq. Nasdaq is home to many of the world’s leading technologies where cutting-edge research on sustainable energy is taking place. Not every company can meet the financial and liquidity requirements for listing on Nasdaq, and we are proud to have met the qualifications needed to trade on this prestigious exchange. We believe this step will raise our visibility with the investment community. Many institutional investors cannot invest in companies that are not listed on a major exchange, so we believe this move may lead to a broadening of our shareholder base, particularly among institutional investors looking for emerging technologies in sustainable energy research.
“At the conclusion of our recent public offering, Worksport has a balance sheet with more than
To stay up to date on all the latest Worksport news, investors, supporters, and shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the Company’s newsletters at www.worksport.com. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.
About Worksport Ltd.
Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) develops and manufactures high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, and consumer-oriented adventures & purposes, where portable energy is a necessity. Available soon to pre-order, the modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the job site contractor and off-road, light-duty trucker for work and play, to supply extra energy for those additional miles sustainably. Expected to launch by 2021 year-end Worksport’s allied TerraVis COR™ mobile energy storage system (ESS) will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to expand with grid micro-charging stations to provide convenience and efficiency in recharging smaller form-factor EVs. For more information, please visit www.worksport.com.
Connect with Worksport:
For further information please contact:
Mr. Faran Ali
Investor Relations Manager
Worksport, Ltd
T: 1-888-554-8789
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,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of the Company’s management concerning its business strategy, future operating results, liquidity, and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, 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. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution readers, therefore, against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them.
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:
| ● | our going concern and history of losses; | |
| ● | the ongoing COVID-19 pandemic; | |
| ● | our ability to compete; | |
| ● | our reliance on a small number of customers for the majority of our sales; | |
| ● | our ability to successfully protect our intellectual property rights and claims of infringement by others; | |
| ● | the effectiveness of our sales and marketing efforts; | |
| ● | our ability to retain key management personnel; | |
| ● | failure to remedy material weaknesses in internal accounting controls and failure to implement proper and effective internal controls; | |
| ● | our need to raise additional capital; | |
| ● | cybersecurity threats and incidents; | |
| ● | the volatility of our stock price; | |
| ● | the decline in the price of our securities due to offers or sales of a substantial number of shares; | |
| ● | limited trading volume and price fluctuations of our securities; | |
| ● | our ability to meet continuing listing requirements of the Nasdaq Capital Market; and | |
| ● | such other risk factors as discussed throughout the “Risk Factors” section of our prospectus supplement, dated July 27, 2021, and other annual and quarterly reports filed by us with the Securities and Exchange Commission. |
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
FAQ
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