Worksport Ltd 8-K

What Happened

• Worksport Ltd (WKSP) filed an 8‑K disclosing two registered direct offerings that closed June 18, 2026. In the First Offering (agreement dated June 17, 2026) the company sold 208,333 shares of common stock packaged with common warrants at $1.20 per unit for gross proceeds of $250,000. In the Second Offering (agreement dated June 18, 2026) the company sold 675,529 shares of common stock at $0.70 per share for gross proceeds of approximately $472,870. The combined aggregate gross proceeds from both offerings are approximately $722,870. Proceeds are intended for working capital and general corporate purposes.

Key Details

• First Offering: 208,333 shares + Common Warrants exercisable for up to 208,333 shares (or up to 291,667 shares on cashless exercise); unit price $1.20; gross proceeds $250,000. Warrants have $1.50 exercise price, are immediately exercisable, expire five years from issuance, and include a cashless exercise feature (1.4 shares received per warrant share exercised).
• Second Offering: 675,529 shares at $0.70 per share; gross proceeds ≈ $472,870; no warrants issued.
• Placement agent: D. Boral Capital LLC served as placement agent. Placement fees: 7% of First Offering proceeds and 5% of Second Offering proceeds (tail fee), to be paid in cash.
• Regulatory/registration: Securities offered pursuant to the Company’s effective Form S‑3 shelf registration (File No. 333‑291582) and related prospectus supplements filed June 18, 2026. The purchaser waived certain short‑term issuance restrictions in connection with the Second Offering.

Why It Matters

• The financings provide immediate cash (≈ $722.9K before fees) to support operations and general corporate needs. Placement agent fees will reduce net proceeds.
• The warrants from the First Offering are immediately exercisable and include a cashless feature that could increase share count without cash inflow, meaning potential dilution for existing shareholders if exercised. Investors should monitor outstanding share count and any future exercises or additional financings.