TORONTO – (Nasdaq: WKSP, WKSPW) 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 closing of its previously announced 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 consisted 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 were immediately separable and were issued separately. The common stock and warrants began trading on the Nasdaq Capital Market on August 4, 2021, under the symbols “WKSP” and “WKSPW,” respectively. Worksport received gross proceeds of approximately $18.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. All share numbers and pricing information in this press release reflect the Company’s previously announced 1-for-20 reverse stock split of its issued and outstanding common stock, which became effective at 12:01 a.m., Eastern Time, on August 4, 2021.
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. On August 6, 2021, Maxim Group LLC partially exercised its over-allotment option by purchasing an additional 490,909 warrants at the public offering price.
Worksport Ltd. designs and distributes pickup truck covers called tonneau covers throughout the United States and Canada. Tonneau covers are useful aftermarket accessories that provide security and protection for cargo to personal pickup truck owners. Worksport has developed soft vinyl tonneau covers and hard aluminum tonneau covers. Covers are offered in three or four-panel options. Once installed, our tonneau covers latch against the bed of the truck and fold up against the back window of the truck cab.
We seek Safe Harbor.