Worksport Ltd.
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $5.4M
- Price
- $0.2721
- % Change (Daily % change from the live per-ticker quote feed.)
- +1.99%
- Volume
- 193.8K
About
Worksport Ltd., headquartered in Vaughan, Canada, is engaged in the design, manufacturing, and distribution of truck bed covers, commonly known as tonneau covers, across both Canada and the United States. Its product portfolio encompasses a range of soft covers (SC) and durable tough covers (TC). Specific models include the SC3, a tri-fold cover engineered with a rubber gasket to create a secure seal, shielding cargo from moisture and debris. The SC3pro variant allows users to effortlessly open the cover using a release cable. For heavy-duty applications, the TC3 features a robust, thick aluminum tri-cover panel with a honeycomb core, coated in a resilient, scratch-resistant black powder finish. Furthermore, the company is actively developing TerraVis, an innovative solar-powered tonneau cover that will offer portable, rechargeable power capabilities to pickup truck owners. Worksport distributes its products through an established network of wholesalers and direct online retail channels, catering to both private label brands and original equipment manufacturers. The company maintains a collaboration agreement with Greatcell Energy Pty Ltd. Worksport Ltd. formally adopted its current name in May 2020, having previously operated as Franchise Holdings International, Inc.
Quick stats
Shares outstanding20.0M
Computed float19.4M
Float / shares97.0%
Key info
SectorConsumer Cyclical
IndustryAuto - Parts
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001096275
Websitehttps://www.worksport.com
AI Summary
AI-generated1/50
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Worksport Signs Term Sheet to Acquire U.S. Manufactured Truck Bed Accessory Business & Accompanying IP Portfolio
Worksport signed a non-binding term sheet to acquire a U.S.-manufactured, patented truck bed accessory business with an IP portfolio — its first proposed acquisition.
The target is complementary to the company's tonneau covers, with cross-selling planned to Worksport's distribution network and a database of more than 50,000 targetable customers, including bundling with the top-selling NEXUS cover.
The deal follows preliminary Q3 results of record net sales of roughly $7.24 million with operating cash use cut to about 5% of net sales.
The term sheet is non-binding and subject to due diligence and definitive agreements; no purchase price was disclosed.
Red flags
- term sheet is non-binding; no assurance a definitive agreement will be signed or the acquisition completed
- no purchase price or deal consideration disclosed
- preliminary Q3 figures are unaudited and subject to change
- company still has negative operating cash flow; acquisition financing availability cited as a risk