Worksport Ltd. (OTC: WKSP) introduced in a Tuesday press launch its inventory will uplist to the Nasdaq trade on Wednesday. As a part of the general public providing, the corporate priced 3.27 million items at a worth to the general public of $5.50 per unit, Worksport stated in a press release
Based in 2003 and headquartered in Vaughan, Ontario, Canada, Worksport sells tonneau covers for pickup vehicles that provide added safety and safety to cargo.
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To fulfill Nasdaq’s preliminary itemizing necessities, Worksport introduced a reverse break up of its issued and excellent widespread inventory that can go into impact in the present day at 12:01 a.m. ET at a ratio of 1-for-20.
Worksport expects to generate $18 million in gross proceeds
The widespread inventory and warrants will checklist individually on Nasdaq. Buying and selling will start Wednesday beneath the ticker symbols “WKSP” and “WKSPW”, respectively. Worksport expects the supply to generate $18 million in gross proceeds earlier than the listing-related bills, together with reductions and commissions. Worksport Steven Rossi stated within the press launch:
On the conclusion of our latest public providing, Worksport has a stability sheet with greater than $20,000,000 million in money and money equivalents and no long-term debt. We’ve got completed nice deal up to now 12 months regardless of the pandemic, and we sit up for the extra alternatives afforded by our strengthened stability sheet and better profile with the investor group.
Rossi tells Invezz: itemizing will likely be ‘very useful within the long-term’
The Nasdaq itemizing comes at what some take into account to be a troublesome time for brand spanking new shares. The Nasdaq trade is just not far faraway from historic all-time highs whereas the continued unfold of the COVID-19 pandemic has some traders assuming a risk-off stance.
Chatting with Invezz on Wednesday, Worksport CEO Steven Rossi stated that whereas life “goes on”, administration is targeted on the long-term prospects. He stated:
We’re all conscious of the unfold, however we’re all conscious, extra so, that we’ll recuperate. I feel that taking alternatives to develop a enterprise, its infrastructure, and its money reserves in the course of the occasions that market situations are prevailing has achieved us effectively, and can show very useful within the long-term as we develop.
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