Business
Worksport Announces Pricing of Upsized $18.0 Million Public Offering, Uplisting to Nasdaq and Reverse Stock Split
TORONTO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd. (OTC: WKSP) (“Worksport” or the “Company”), a company that designs and distributes pickup truck
About this update from Worksport, Ltd.
[{"type":"text","content":"TORONTO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd. (OTC: WKSP) (“Worksport” or the “Company”), a company that designs and distributes pickup truck covers called tonneau covers throughout the United States and Canada, including Tonneau covers that provide security and protection for cargo to personal pickup truck owners, today announced the pricing of its underwritten public offering of 3,272,727 units at a price to the public of $5.50 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $6.05. The common stock and warrants are immediately separable and will be issued separately. The common stock and warrants are expected to begin trading on the Nasdaq Capital Market on August 4, 2021, under the symbols “WKSP” and “WKSPW,” respectively. Worksport expects to receive gross proceeds of $18.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. In connection with the offering, the Company will effectuate a reverse split of its issued and outstanding common stock at a ratio of 1-for-20. The reverse stock split is expected to be effective at 12:01 a.m., Eastern Time, on Wednesday, August 4, 2021. The share numbers and pricing information in this release are adjusted to reflect the impact of the reverse stock split. Worksport has granted the underwriters a 45-day option to purchase up to an additional 490,909 shares of common stock and/or an additional 490,909 warrants at the public offering price to cover over-allotments, if any. The offering is expected to close on August 6, 2021, subject to customary closing conditions. Maxim Group LLC is acting as sole book-running manager for the offering. The offering is being conducted pursuant to the Company’s registration statement on Form S-1 (File No. 333-256142), as amended, previously filed with, and subsequently declared effective by the Securities and Exchange Commission (“SEC”) and a related registration statement, filed on August 3, 2021 pursuant to Rule 462(b) (File No. 333-258429) and which was automatically effective upon filing. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this ...