8-K
Worksport Ltd (WKSP)
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): January 28, 2025
WORKSPORT
LTD. ****(Exact name of registrant as specified in its charter)
| Nevada | 001-40681 | 35-2696895 |
|---|---|---|
| (State<br> or other jurisdiction <br><br> of incorporation) | (Commission<br> <br><br> File Number) | (IRS<br> Employer <br><br> Identification No.) |
2500N America Dr
WestSeneca, New York 14224(Address of principal executive offices) (ZIP Code)
(888)554-8789
Registrant’s
telephone number, including area code
NotApplicable(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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> 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<br> 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. ☐
Item7.01 Regulation FD Disclosure.
On January 28, 2025, Worksport Ltd. (the “Company”) issued a press release: “Worksport ($WKSP) Taps Coinbase as OfficialCrypto Custodian, Strengthening Cryptocurrency Treasury Strategy”. A copy of the press release is attached hereto as Exhibit 99.1.
The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press<br> Release dated January 28, 2025, “Worksport ($WKSP) Taps Coinbase as Official Crypto Custodian, Strengthening Cryptocurrency Treasury Strategy” |
| 104 | Cover<br> 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:<br> January 28, 2025 | By: | /s/ Steven Rossi |
| Name: | Steven<br> Rossi | |
| Title: | Chief<br> Executive Officer | |
| (Principal Executive Officer) |
Exhibit 99.1
Worksport ($WKSP) Taps Coinbase as Official Crypto Custodian, Strengthening Cryptocurrency Treasury Strategy
FollowingReach Out from Coinbase’s Institutional Team, Worksport Has Created XRP & Bitcoin (BTC) Corporate Accounts
WestSeneca, New York, January 28, 2025 — 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 pleased to announce that after evaluating multiple custodians, Worksport has selected Coinbase as its preferred partner, citing Coinbase’s strong regulatory compliance, robust security measures, and insurance-backed custody solutions.
This strategic move aligns with Worksport’s Cryptocurrency Treasury Strategy announced on December 5, 2024, wherein the Company expanded its Corporate Treasury and allowed a portion of its surplus cash reserves to be held in Bitcoin (BTC) and XRP. Worksport’s Board of Directors determines investable excess cash, which allows Worksport to make initial purchases.
Steven Rossi, Worksport’s Chief Executive Officer, says, ***“***Having a top-tier crypto custodian is like having a top-tierbanking partner. Working with Coinbase is a natural fit; their proven track record in security and compliance aligns with ourcommitment to safeguarding corporate assets”.
ContinuedBusiness Momentum
This treasury update aligns with Worksport’s ongoing growth initiatives, which include a multi-fold increase in revenue, apush toward cash flow positivity, and the imminent launch of three new product lines in 2025. By strategically adding measured portions of cryptocurrency to its treasury, Worksport expects to diversify its financial positioning, aiming to fortify its balance sheet and deliver long-term value for shareholders.
Coinbaseas Preferred Custodian
Coinbase, the largest cryptocurrency exchange in the United States, brings extensive experience in serving corporate and institutional clients through its secure custody platform. Worksport anticipates that this collaboration will streamline the Company’s entry into the cryptocurrency space, ensuring rigorous compliance with evolving regulations and offering scalable solutions for future digital asset holdings.
Coinbase Vice President, Institutional Products, Greg Tusar, comments: “We are excited to have been chosen by Worksport in supportingtheir strategic treasury diversification through cryptocurrencies. Our institutional custody platform provides the robust security featuresand regulatory compliance that forward-thinking companies like Worksport require as they navigate the dynamic digital asset landscape.”
Stay tuned for more information and join our mailing list to stay up to date with the latest. Join Worksport’s Newsletter
Read more Worksport news: [Link to Worksport Press Releases].
AboutWorksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the EV sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy’s website is terravisenergy.com.
For more information, please visit investors.worksport.com.
Connectwith 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<br> (formerly Twitter) | |
| Facebook<br><br> YouTube | LinkedIn<br><br> <br>Link<br> to Newsletter |
Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, 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.
Foradditional 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-LookingStatements
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,” “scheduled,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “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 Securities and Exchange Commission (“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.