Worksport Announces Plans to List on Nasdaq Capital Markets Exchange

Rhea-AI Summary

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.

Positive

• Plans to list on NASDAQ could enhance visibility and investor interest.
• Strong balance sheet with nearly $10 million in cash.
• Development of innovative Terravis COR™ mobile battery system to meet market demand.

Negative

• Reverse stock split may signal underlying share price weaknesses.

Company to Effect Reverse Split as Part of the Listing

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (OTC: WKSP) (or the “Company”), a developer and manufacturer of high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks, today announced it has filed an application to list its shares to the Nasdaq Capital Markets Exchange. As part of the process for meeting the initial listing requirements, the Board of Directors of Worksport has authorized a reverse stock split of the Company’s issued and outstanding common shares by a ratio of not less than 1-for-10 and not more than 1-for-30. The reverse split will be effectuated simultaneous with the NASDAQ listing and will not be undertaken in the event that the Company does not complete the NASDAQ listing.

Commenting on the plans for the NASDAQ listing, Steven Rossi, Chief Executive Officer of Worksport said, “We believe that this is an ideal time for Worksport to announce its plans to move to a leading national stock exchange. We have laid a solid foundation for our company, having developed a robust product line of tonneau covers as well as the revolutionary Terravis^™ system. We have completed the final design for our Terravis COR^™ mobile battery system which we will be introducing shortly. We have retooled our manufacturing capabilities to meet increased demand and we continue to invest in R&D. Most importantly, all we have accomplished to date has been achieved with a balance sheet that shows very little debt and nearly $10 million in cash. We are stronger today, and better positioned for success than we have ever been. We believe listing our shares on a national exchange will elevate our profile with the investment community and broaden our investor base. It’s a critical step in our evolution as a public company, and the reverse split is an important step in that process.”

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 and www.goterravis.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. (currently OTCQB: WKSP) 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, et al. 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 jobsite contractor and off-road, light-duty trucker, for work and play, to sustainably supply extra energy for those additional miles. Expected to launch by end of year 2021, its 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 to smaller form-factor EVs. For more information, please visit www.worksport.com and www.goterravis.com.

Connect with Worksport:

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For further information please contact:
Mr. Steven Rossi
CEO & Director
Worksport, Ltd
T: 1-888-554-8789
E: srossi@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 management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and 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 you 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. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the significance of the reverse stock split for WKSP?

The reverse stock split is part of the process to meet NASDAQ listing requirements and may help improve share price perception.

When does Worksport plan to execute the reverse split?

The reverse split will occur simultaneously with the NASDAQ listing, contingent on its completion.

What products is Worksport currently developing?

Worksport is developing the Terravis™ tonneau cover and the Terravis COR™ mobile battery system.

What is the financial status of Worksport Ltd. as stated in the PR?

Worksport has a strong balance sheet with nearly $10 million in cash and minimal debt.