Core Viewpoint - Worksport Ltd. is implementing a 1-for-10 reverse stock split to increase its share price and comply with Nasdaq's minimum bid price requirement of $1.00, while maintaining its growth trajectory and preparing for the launch of new clean-energy products [2][3]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on March 18, 2025, converting every ten shares into one share, reducing the total outstanding shares from approximately 47,944,518 to about 4,794,452 [3]. - The reverse stock split was approved by the Board of Directors on February 25, 2025, and will not require shareholder approval as it does not increase the number of authorized shares [2][3]. Group 2: Company Growth and Product Launch - The CEO, Steven Rossi, expressed confidence in the company's steady growth and aims for cash flow positivity in 2025, alongside the upcoming launch of flagship products, COR and SOLIS [2]. - Worksport is focused on clean energy solutions and has partnerships, including one with Hyundai for the SOLIS Solar cover, indicating a strategic direction towards sustainable products [4]. Group 3: Company Overview - Worksport Ltd. designs and manufactures a variety of products, including tonneau covers and portable power systems, and is capitalizing on the shift towards clean energy integrations [4]. - The company is gaining traction with newer truck makers, including those in the electric vehicle sector, showcasing its adaptability to market trends [4].
Worksport Announces 1-for-10 Reverse Stock Split as Part of Nasdaq Compliance Plan