Worksport Ltd. Form 8-K Summary
Business Context and Reporting Period
This Form 8-K reports on the 2025 Annual Meeting of Shareholders held by Worksport Ltd. on December 11, 2025. The Company is a Nevada corporation with its principal executive offices in West Seneca, New York. Its common stock trades on The Nasdaq Stock Market LLC under the symbol "WKSP."
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and shareholder voting outcomes.
Material Changes and Voting Results
As of the record date (October 16, 2025), there were 16,787,559 shares of common stock and 100 shares of Series A Preferred Stock outstanding. The Series A Preferred Stock, beneficially owned 100% by CEO Steven Rossi, holds 51% of the total voting power. A quorum was established with 12,369,649 common shares represented (73.68%).
- Board Election: Shareholders elected all five nominees: Steven Rossi, Lorenzo Rossi, Craig Loverock, William Caragol, and Ned L. Siegel.
- Auditor Ratification: Shareholders approved the ratification of Lumsden & McCormick, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Stock Option Grants: Shareholders approved and ratified certain non-plan stock option grants previously approved by the Board pursuant to Nasdaq Listing Rule 5635(c).
- Equity Plan Amendment: Shareholders approved amendments to the 2022 Equity Incentive Plan to change the evergreen formula from an annual increase to a quarterly increase and raise the evergreen percentage from 15% to 18% of outstanding common stock.
- Adjournment: Shareholders approved the adjournment of the meeting to permit further proxy solicitation if necessary.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, future outlook, management commentary on operations, specific risks, or contingencies. The document is limited to the disclosure of voting results.
Investor Verification Checklist
- Verify the impact of the increased equity plan evergreen percentage (18%) on future share dilution.
- Confirm the voting power structure where the CEO's Series A Preferred Stock controls 51% of total voting rights.
- Review the specific details of the non-plan stock option grants ratified by shareholders.
- Check subsequent filings for the Company's audited financial results for the fiscal year ending December 31, 2025.