Worksport Announces 1-for-10 Reverse Stock Split as Part of Nasdaq Compliance Plan

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Worksport Ltd
Worksport Ltd

CEO Shares Confidence And Emphasizes Catalyst Events To Come

West Seneca, New York, March 14, 2025 (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, today announced that it will effect a 1-for-10 reverse stock split of its common stock. The reverse stock split will become effective at 12:01 a.m. Eastern Time on Tuesday, March 18, 2025, and the Company’s common stock will commence trading on the Nasdaq Capital Market (“Nasdaq”) on a post-split basis at the opening of the market on March 18, 2025, pending confirmation by the Depository Trust Company and the Nasdaq. The Company’s common stock will continue to trade on the Nasdaq under the Company’s existing trading symbol, “WKSP”, and a new CUSIP number 98139Q308 has been assigned as a result of the reverse stock split.

Chief Executive Officer, Steven Rossi, comments, “Worksport fundamentally remains unchanged after this split. We’re growing steadily, targeting cash flow positivity in 2025, and gearing up for the launch of our flagship clean-energy lifestyle products, COR and SOLIS, later this year. We have a robust list of catalysts ahead of us and look forward to the months ahead. Stay tuned for new developments.”

The Company expects that the reverse stock split, which was approved by the Company’s Board of Directors on February 25, 2025, will increase the price per share of the Company’s common stock, and is part of the Company’s strategy to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq. Pursuant to Section 78.207 of the Nevada Revised Statutes, shareholder approval is not required to effectuate the reverse stock split as it will not increase the number of authorized shares of the common stock, and the number of authorized shares will be proportionately adjusted to reflect the reverse stock split.

At the effective time of the reverse stock split, each ten (10) shares of the Company’s issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock without any change in the par value of $0.0001 per share or the total number of authorized shares. The reverse stock split will reduce the Company’s number of common shares outstanding, as of March 13, 2025, from approximately 47,944,518 shares to approximately 4,794,452 shares. No fractional shares of common stock will be issued in connection with the reverse stock split, and stockholders who would otherwise be entitled to receive a fractional share will be rounded up at a participant level in lieu thereof.