Form 8-K - Current report

 

 

 

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)

 

[phone]

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.

 

Exhibit No.		Description
99.1		Press Release dated October 29, 2024, “Worksport Ltd. Sees Over 200% Growth in B2B Sales; Initiates Pre-Order Campaign for New AL4 Tonneau Cover
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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 [phone] -128 W: investors.worksport.com E: [e-mail] 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 [phone] -128 W: investors.worksport.com W: www.worksport.com E: [e-mail]

 

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.

 

 

Cover	Oct. 29, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 29, 2024
Entity File Number	001-40681
Entity Registrant Name	WORKSPORT LTD.
Entity Central Index Key	0001096275
Entity Tax Identification Number	35-2696895
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2500 N America Dr
Entity Address, City or Town	West Seneca
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14224
City Area Code	(888)
Local Phone Number	554-8789
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common
Trading Symbol	WKSP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Information, Former Legal or Registered Name	Not Applicable

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