Breaking Cleantech Automotive Stock News:
Worksport Ltd. (NASDAQ: $WKSP) Retains Digital BD to Investigate Short Selling
Activity; CEO Reaffirms Confidence with Personal Share Purchase at 44% Premium
to Market; @WorksportLtd
Company Formally Addresses
Unusual Trading Activity Amid Strong Growth Prospects and Upcoming Product
Releases
West Seneca, New York - November 21,
2024 (Investorideas.com Newswire) Worksport Ltd. (NASDAQ:
WKSP) ("Worksport" or the "Company"), a
U.S.-based manufacturer and innovator of hybrid and clean energy solutions for
the light truck, overlanding, and global consumer goods sectors, is announcing
today that it has retained Digital BD, Inc. to monitor and investigate
potentially illegal short selling activity of its shares. Concurrently, CEO
Steven Rossi has demonstrated his confidence in the Company's future by
personally purchasing restricted Worksport shares at a 44% premium to the
market price.
Paid News dissemination for Worksport Ltd.
Read this news, featuring WKSP in full at https://www.investorideas.com/news/2024/11211WKSP-Retains-Digital-BD-to-Investigate-Short-Selling-Activity.asp
CEO Commentary
"We strongly believe that recent
stock trading activity does not reflect the health of our business or our
significant growth pathways. We're setting new volume sales records almost
daily, while facing suspicious and volatile stock activity that we will thoroughly
investigate. We've had an amazing year, we just reported a remarkable 581% growth in Q3, and we are projecting
revenues in 2025 that exceed our entire market capitalization as of
yesterday," said Steven Rossi, CEO of Worksport. "Our sales are
growing exponentially month over month, and we have three highly innovative products
set for near-term release. On Tuesday, I personally purchased shares at a 44%
premium to the closing price, underscoring my unwavering confidence in
Worksport's bright future."
Engagement of Digital BD, Inc.
To safeguard shareholder value and
address unusual trading patterns, Worksport has engaged Digital BD, Inc.,
a leading provider of Regulation SHO compliance monitoring, short sale trading
analytics, and market integrity surveillance. Digital BD will monitor daily short
volume data from all U.S. exchanges, encompassing both EXEMPT (market makers)
and NON-EXEMPT (other market participants) short sales, and will report its
findings to the Company.
Monitoring Compliance with Fair
Market Practices: Regulation SHO mandates that
bona-fide market-making activities include making purchases and sales in
roughly comparable amounts. Digital BD will scrutinize market makers trading
WKSP shares daily for adherence to fair market-making requirements. The
Securities and Exchange Commission ("SEC") specifies that bona-fide
market-making does not include activities related to speculative selling
strategies for investment purposes that are disproportionate to usual
market-making patterns.
Data Analysis and Reporting: Digital BD will collaborate with Worksport to obtain broker volume
reports, identifying which market makers are transacting in the Company's
shares and the proportion of trading volume they represent. By triangulating
broker volume and daily short volume data, Worksport aims to gain a clear
understanding of the sources and execution points of short sale activities.
CEO Commitment
"We are committed to continuing
our growth trajectory and protecting the interests of our shareholders,"
added Rossi. "With the assistance of Digital BD, we will closely monitor
trading activities to ensure compliance with all legal requirements. We firmly
believe that Worksport is significantly undervalued, and we are dedicated to
unlocking its true value. We intend to pursue, with vigor, any and all avenues
to discover, eliminate, and do everything in our power to prevent future
illegal short selling or open market manipulation of Worksport's stock."
Worksport Q3 Earnings Call
Q3 revenue surged to $3.12 million-a
581% year-over-year increase compared to $458,433 in Q3 2023. Worksport held
its Q3 2024 earnings call on Wednesday, November 13, 2024. The prepared remarks
and presented earnings call deck are available at
Worksport's Investor Relations website.
About DIGITAL BD, Inc.
Digital BD monitors trading in all US
stocks in real time and maintains massive databases of short sale time and
sales data, short squeeze prices, market-maker price movements, shareholder
data, statistical data on earnings, sector correlation, seasonality, hedge fund
trading strategies and comparable valuations. The company owns Global Digital
Markets, a FINRA member firm.
Contact:
Ralph Dillon
949-280-8591
ralph@digitalbd.io
https://digitalbd.io
About Worksport
Worksport Ltd. (NASDAQ: WKSP),
through its subsidiaries, designs, develops, manufactures, and owns the
intellectual property on a variety of tonneau covers, solar integrations,
portable energy storage systems, and heat-pump technology. The Company is
committed to transforming the pickup truck industry through innovative
technologies that enhance functionality and sustainability.
For more information, please
visit www.worksport.com | investors.worksport.com | https://terravisenergy.com
Connect with Worksport
Please follow the Company's social
media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube,
and Instagram (collectively, the
"Accounts"), the links of which are links to external third party
websites, as well as sign up for the Company's newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy
of, or accept any responsibility for any content on these third-party websites
other than content published by the Company.
Product social media
Investor social media
X (formerly Twitter)
LinkedIn
Link to Newsletter
Investors and others should note that
the Company announces material financial information to our investors using our
investor relations website, press releases, Securities and Exchange Commission
("SEC") filings, and public conference calls and webcasts. The
Company also uses social media to announce Company news and other information.
The Company encourages investors, the media, and others to review the
information the Company publishes on social media.
The Company does not selectively
disclose material non-public information on social media. If there is any
significant financial information, the Company will release it broadly to the
public through a press release or SEC filing prior to publishing it on social
media.
For additional information, please
contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
Forward-Looking Statements
The information contained herein may contain "forward looking
statements." Forward looking statements reflect the current view about
future events. When used in this press release, the words
"anticipate," "believe," "estimate,"
"expect," "future," "intend," "plan,"
"project," "should," or the negative of these terms and
similar expressions, as they relate to us or our management, identify forward
looking statements. These statements are neither historical facts nor
assurances of future performance. Instead, they are based only on our current
beliefs, expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking statements relate
to the future, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are outside of
our control. Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore, you should
not rely on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ materially
from those indicated in the forward-looking statements include, among others,
the following: (i) supply chain delays; (ii) acceptance of our products by
consumers; (iii) delays in or nonacceptance by third parties to sell our
products; and (iv) competition from other producers of similar products. More
detailed information about the Company and the risk factors that may affect the
realization of forward-looking statements is set forth in the Company's filings
with the SEC, including, without limitation, our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q. Investors and security holders are urged to
read these documents free of charge on the SEC's web site at www.sec.gov. As a
result of these matters, changes in facts, assumptions not being realized or
other circumstances, the Company's actual results may differ materially from
the expected results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this press release
are made only as of the date of this press release, and the Company undertakes
no obligation to update them to reflect subsequent events or circumstances.
Worksport Ltd. (Nasdaq: WKSP) is a featured
renewable energy/automotive stock on Investorideas.com
More info on WKSP at
Investorideas.com Visit: https://www.investorideas.com/CO/WKSP/
Disclaimer/Disclosure: Disclosure: Worksport Ltd. (Nasdaq: WKSP) is a paid featured company on
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