Welcome to our dedicated page for Worksport news (Ticker: WKSP), a resource for investors and traders seeking the latest updates and insights on Worksport stock.
Worksport Ltd. reports developments in automotive accessories and hybrid clean-energy products for light truck, overlanding, and consumer goods markets. The company designs, develops, manufactures, and owns intellectual property for tonneau covers, solar integrations, portable power systems, and clean heating and cooling solutions.
Recurring news includes product commercialization for the Nexus tonneau cover, the SOLIS solar tonneau cover, and the COR portable energy system; safety and compliance certifications for COR; U.S. manufacturing and distribution expansion; dealer, reseller, and retail channel activity; earnings calls and revenue guidance; executive finance leadership; and equity compensation or insider-share transactions. Updates also reference Worksport's hard-folding truck covers, B2C and B2B sales channels, and its focus on mobile energy storage and cold-climate heat-pump technology.
Worksport Ltd. (Nasdaq: WKSP, WKSPW) announced the closing of an additional sale of 210,909 shares at $5.49 each, generating approximately $1.2 million in gross proceeds. This sale stems from the underwriters’ over-allotment option related to a public offering completed on August 6, 2021. The total gross proceeds from this offering now reach around $19.2 million. The offering was managed by Maxim Group LLC.
Worksport Ltd (Nasdaq: WKSP, WKSPW) announced the formation of Terravis Energy, Inc., a wholly-owned subsidiary aimed at leading in the energy creation and storage markets. This decision came after significant research into solar and energy storage systems unveiled greater opportunities. Lorenzo Rossi has been appointed President & CEO, emphasizing innovation in renewable energy. The energy storage market is projected to reach $19.7 billion by 2027, with a 20% CAGR. CEO Steven Rossi indicated plans for green energy solutions and hydrogen-based EV charging.
Worksport Ltd (Nasdaq: WKSP, WKSPW) has appointed U.S. Ambassador Ned L. Siegel and William J. Caragol to its Board of Directors, effective June 30, 2021. The company emphasizes its commitment to decarbonizing transportation and advancing clean energy. Amb. Siegel's extensive government experience is expected to facilitate new relationships with agencies like FEMA, while Caragol brings valuable technological and advisory expertise. These appointments aim to strengthen Worksport's position in the green energy automotive sector and promote innovative products, including the TerraVis™ system.
Worksport Ltd (Nasdaq: WKSP; WKSPW) is relocating to a new 55,000 sq ft headquarters and manufacturing facility at 7299 East Danbro Crescent, Mississauga, Ontario. This move supports the growing tonneau cover business, enabling improved manufacturing processes for the TerraVis solar-powered tonneau cover and COR battery systems. The facility will also automate production processes, addressing labor challenges. Worksport aims to enhance its manufacturing capabilities and will keep investors updated on operational progress.
Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced the development of a new EV-related product called NPEV, aimed at transforming the green energy market. This initiative aims to support the decarbonization of transportation. With a strong engineering team, Worksport plans to update investors on its capital allocation for long-term growth. Currently, the company holds approximately $29 million in cash, equating to around $2 per share, and is positioned for future growth in the EV and sustainable energy sectors.
Worksport Ltd. (Nasdaq: WKSP, WKSPW) announced the closing of a public offering of 3,272,727 units at $5.50 per unit, generating approximately $18 million in gross proceeds. Each unit comprises one share of common stock and a warrant to purchase one share at an exercise price of $6.05, which began trading on Nasdaq on August 4, 2021. The offering included a 45-day option for underwriters to purchase additional shares. The announcement follows a 1-for-20 reverse stock split effective on August 4, 2021.
Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) has received approval to list its common stock and warrants on the Nasdaq Capital Markets Exchange, effective August 04, 2021. This move follows a 1-for-20 reverse stock split and aims to enhance visibility among institutional investors, potentially broadening its shareholder base. The company reported over $20 million in cash, no long-term debt, and a commitment to using its strengthened balance sheet for growth opportunities.
Worksport Ltd. (OTC: WKSP) has announced a public offering of 3,272,727 units priced at $5.50 each, aimed at raising $18 million. Each unit includes one share of common stock and one warrant, exercisable at $6.05. The offering will close on August 6, 2021, following a 1-for-20 reverse stock split effective August 4, 2021. The company has also granted underwriters a 45-day option for additional stock. The shares will trade on the Nasdaq under symbols WKSP and WKSPW.
Worksport Ltd. (OTC: WKSP) will present at the LD Micro Invitational XI on June 8, 2021, at 1:30 PM EDT. CEO Steven Rossi will discuss the company's advancements in sustainable energy and upcoming innovations. The event runs from June 8-10, featuring around 180 companies and influential keynotes. Worksport is focused on eco-friendly solutions, including solar-powered systems and modular tonneau covers, targeting truck owners and outdoor enthusiasts. For more information, visit worksport.com.
Worksport Ltd (OTC: WKSP) announced a strategic partnership with Ontario Tech University to enhance research and development efforts. The collaboration, spanning two years, grants access to the ACE Testing Facility, aiming to finalize prototyping of the TerraVis Solar Truck Bed Cover System by Q3 2021. Professor Sheldon Williamson, PhD, will lead the research team, enhancing product optimization and energy efficiency. This partnership is expected to boost operational efficiencies and supports Worksport's goals to innovate in green electric applications, with plans for future collaborations with other institutions.