Worksport Ltd. Granted Nasdaq Extension to Regain Compliance with $1 Minimum Bid Price
Worksport (NASDAQ: WKSP) has received a 180-day extension from Nasdaq to regain compliance with the $1 minimum bid price requirement. The new deadline is set for April 14, 2025. CEO Steven Rossi expressed confidence in the company's strategic direction, citing record-high revenues and approaching cash flow positivity.
Rossi highlighted the upcoming release of three innovative product lines, which he believes positions Worksport for significant growth opportunities. The CEO stated that the company is undervalued and expects to unlock substantial value for shareholders during this critical period.
Worksport (NASDAQ: WKSP) ha ricevuto un'estensione di 180 giorni da Nasdaq per ristabilire la conformità con il requisito di prezzo minimo di offerta di $1. La nuova scadenza è fissata per il 14 aprile 2025. Il CEO Steven Rossi ha espresso fiducia nella direzione strategica dell'azienda, citando i record di fatturato e l'avvicinarsi alla positività del flusso di cassa.
Rossi ha evidenziato l'imminente lancio di tre linee di prodotto innovative, che crede posizionino Worksport per significative opportunità di crescita. Il CEO ha dichiarato che l'azienda è sottovalutata e si aspetta di sbloccare un valore sostanziale per gli azionisti durante questo periodo critico.
Worksport (NASDAQ: WKSP) ha recibido una extensión de 180 días de Nasdaq para recuperar el cumplimiento con el requisito de precio mínimo de oferta de $1. La nueva fecha límite está establecida para el 14 de abril de 2025. El CEO Steven Rossi expresó confianza en la dirección estratégica de la empresa, citando ingresos récord y la proximidad a la positividad del flujo de caja.
Rossi destacó el próximo lanzamiento de tres líneas de productos innovadores, que cree que posicionará a Worksport para oportunidades de crecimiento significativas. El CEO afirmó que la empresa está subvaluada y espera desbloquear un valor sustancial para los accionistas durante este período crítico.
Worksport (NASDAQ: WKSP)는 Nasdaq으로부터 $1의 최저 입찰 가격 요건을 충족하기 위한 180일 연장을 받았습니다. 새로운 마감일은 2025년 4월 14일로 설정되었습니다. CEO 스티븐 로시(Steven Rossi)는 역대 최고의 수익과 현금 흐름의 긍정성에 접근하고 있다고 언급하며 회사의 전략적 방향에 대한 신뢰를 표현했습니다.
로시는 세 가지 혁신적인 제품 라인의 출시가 다가오고 있다고 강조하며, 이것이 Worksport를 중요한 성장 기회에 적합하게 만든다고 믿고 있습니다. CEO는 회사가 저평가되어 있다고 말하며, 이 중요한 기간 동안 주주들에게 상당한 가치를 제공할 것이라고 기대하고 있습니다.
Worksport (NASDAQ: WKSP) a reçu une extension de 180 jours de Nasdaq pour rétablir sa conformité avec l'exigence de prix minimum d'enchère de 1 $. La nouvelle date limite est fixée au 14 avril 2025. Le PDG Steven Rossi a exprimé sa confiance dans l'orientation stratégique de l'entreprise, citant des revenus record et la proximité de la positivité du flux de trésorerie.
Rossi a souligné le prochain lancement de trois gammes de produits innovants, qui, selon lui, positionne Worksport pour des opportunités de croissance significatives. Le PDG a déclaré que l'entreprise était sous-évaluée et s'attend à débloquer une valeur substantielle pour les actionnaires durant cette période critique.
Worksport (NASDAQ: WKSP) hat eine 180-tägige Verlängerung von Nasdaq erhalten, um die Einhaltung der Mindestgebotsanforderung von $1 wiederherzustellen. Die neue Frist ist auf den 14. April 2025 festgelegt. CEO Steven Rossi äußerte Vertrauen in die strategische Ausrichtung des Unternehmens und erwähnte Rekordumsätze sowie das bevorstehende positive Cashflow.
Rossi hob die bevorstehende Einführung von drei innovativen Produktlinien hervor, die seiner Meinung nach Worksport in eine Position für erhebliche Wachstumsmöglichkeiten bringen. Der CEO erklärte, dass das Unternehmen unterbewertet sei und erwartet, dass es in dieser kritischen Phase einen erheblichen Wert für die Aktionäre freisetzen wird.
- Granted 180-day extension by Nasdaq to regain compliance
- Revenues reaching all-time highs
- Approaching cash flow positivity
- Upcoming release of three innovative product lines
- Current stock price below $1 minimum bid requirement
Insights
The Nasdaq extension for Worksport (WKSP) to regain compliance with the
The CEO's optimistic outlook, citing "all-time high" revenues and approaching cash flow positivity, contrasts with the stock's current performance. This discrepancy suggests potential undervaluation or market skepticism. The upcoming release of three new product lines could be a catalyst for growth, but execution will be critical.
Investors should closely monitor:
- Concrete financial metrics in upcoming earnings reports
- Success of new product launches
- Progress towards cash flow positivity
- Any attempts at reverse stock splits or other measures to boost share price
While the extension buys time, the underlying issue of low stock valuation remains a concern. The company needs to demonstrate tangible progress to avoid potential delisting risks in April 2025.
Company Receives Additional 180 Days to Execute Growth Initiatives and Enhance Shareholder Value
West Seneca, New York, Oct. 17, 2024 (GLOBE NEWSWIRE) -- 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, announced that the Company has received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until April 14, 2025, to regain compliance with the minimum
CEO Commentary:
"We are pleased to receive this extension from Nasdaq, which aligns with our confidence in Worksport's strategic direction,” said Steven Rossi, CEO of Worksport Ltd. “As our revenues reach all-time highs and we approach cash flow positivity in the near term, the upcoming release of three innovative product lines positions us for immense opportunity. We firmly believe Worksport is undervalued and poised for significant growth. We are excited to unlock substantial value for our shareholders during this pivotal time."
About Worksport
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, and manufactures a range of tonneau covers, solar integrations, portable energy storage systems, and heat-pump technologies, all underpinned by proprietary intellectual property. The Company is dedicated to delivering innovative clean energy solutions that enhance functionality, efficiency, and sustainability.
Worksport Ltd. is headquartered in Buffalo, NY.
For more information, please visit:
www.worksport.com | investors.worksport.com | terravisenergy.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 |
| 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.
FAQ
What is the new deadline for Worksport (WKSP) to regain Nasdaq compliance?
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