Business
Worksport Ltd. Retains Digital BD to Investigate Short Selling Activity; CEO Reaffirms Confidence with Personal Share Purchase at 44% Premium to Market
Company Formally Addresses Unusual Trading Activity Amid Strong Growth Prospects and Upcoming Product Releases West Seneca, New York--(Newsfile Corp. -
About this update from Worksport, Ltd.
[{"type":"text","content":"Company Formally Addresses Unusual Trading Activity Amid Strong Growth Prospects and Upcoming Product Releases\nWest Seneca, New York--(Newsfile Corp. - November 21, 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 announcing today that it has retained Digital BD, Inc. to monitor and investigate potentially illegal short selling activity of its shares. Concurrently, CEO Steven Rossi has demonstrated his confidence in the Company's future by personally purchasing restricted Worksport shares at a 44% premium to the market price.\nCEO Commentary\n\"We strongly believe that recent stock trading activity does not reflect the health of our business or our significant growth pathways. We're setting new volume sales records almost daily, while facing suspicious and volatile stock activity that we will thoroughly investigate. We've had an amazing year, we just reported a remarkable 581% growth in Q3, and we are projecting revenues in 2025 that exceed our entire market capitalization as of yesterday,\" said Steven Rossi, CEO of Worksport. \"Our sales are growing exponentially month over month, and we have three highly innovative products set for near-term release. On Tuesday, I personally purchased shares at a 44% premium to the closing price, underscoring my unwavering confidence in Worksport's bright future.\"\nEngagement of Digital BD, Inc.\nTo safeguard shareholder value and address unusual trading patterns, Worksport has engaged Digital BD, Inc., a leading provider of Regulation SHO compliance monitoring, short sale trading analytics, and market integrity surveillance. Digital BD will monitor daily short volume data from all U.S. exchanges, encompassing both EXEMPT (market makers) and NON-EXEMPT (other market participants) short sales, and will report its findings to the Company.\nMonitoring Compliance with Fair Market Practices: Regulation SHO mandates that bona-fide market-making activities include making purchases and sales in roughly comparable amounts. Digital BD will scrutinize market makers trading WKSP shares daily for adherence to fair market-making requirements. The Securities and Exchange Commission (\"SEC\") specifies that bona-fide market-making does...