Worksport Plans To List On Nasdaq Capital Markets Exchange

Worksport Plans To List On Nasdaq Capital Markets Exchange

Company to effect a reverse split as part of the listing.

Worksport Ltd., a developer and manufacturer of high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks, has filed an application to list its shares to the Nasdaq Capital Markets Exchange. As part of the process for meeting the initial listing requirements, the board of directors of Worksport has authorized a reverse stock split of the company’s issued and outstanding common shares by a ratio of not less than 1-for-10 and not more than 1-for-30. The reverse split will be effectuated simultaneous with the NASDAQ listing and will not be undertaken in the event that the company does not complete the NASDAQ listing.

Commenting on the plans for the NASDAQ listing, Steven Rossi, CEO of Worksport said, “We believe that this is an ideal time for Worksport to announce its plans to move to a leading national stock exchange. We have laid a solid foundation for our company, having developed a robust product line of tonneau covers as well as the revolutionary Terravis system. We have completed the final design for our Terravis COR mobile battery system which we will be introducing shortly. We have retooled our manufacturing capabilities to meet increased demand and we continue to invest in R&D. Most importantly, all we have accomplished to date has been achieved with a balance sheet that shows very little debt and nearly $10 million in cash. We are stronger today, and better positioned for success than we have ever been. We believe listing our shares on a national exchange will elevate our profile with the investment community and broaden our investor base. It’s a critical step in our evolution as a public company, and the reverse split is an important step in that process.”

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