Worksport Raises Funds at $1.20 per Unit, Shares Rally 38%
WKSP•Worksport raised $250,000 by selling units at $1.20 each, representing an over 100% premium to the prior close, with warrants at $1.50 and potential for an additional $10 million investment. The company reiterated a $9 million quarterly revenue target and 35% gross margin as shares jumped 38%.
1. Financing Details
The company raised $250,000 through a registered direct offering priced at $1.20 per unit, a premium of more than 100% over the prior closing price, and issued warrants exercisable at $1.50. The investing firm has signaled interest in committing an additional $10 million subject to market conditions.
2. Stock Reaction
Shares climbed over 38% in a single session, marking the largest one-day gain in two years and briefly trading above $1. Retail sentiment shifted to extremely bullish, with message volumes on trading platforms surging by more than 3,000%, despite a 62% year-to-date decline.
3. Growth Outlook
Worksport reaffirmed a quarterly revenue target of $9 million and a 35% gross margin goal as part of its 2026 growth plan, which includes positive operating cash flow, increased tonneau cover sales, launch of the Nexus product line, commercialization of SOLIS and COR portable power technologies, and a new distribution deal with Tri-State Enterprises expected to generate a seven-figure annual account.
