In a recent shareholder meeting, Worksport Ltd (NASDAQ:WKSP), a Nevada-based manufacturer of motor vehicle parts and accessories with a market capitalization of $27.5 million, confirmed the election of its board of directors and ratified the appointment of its independent auditors for the upcoming fiscal year.
According to InvestingPro data, the company's stock has shown remarkable momentum with a 47% gain in the past week, though it remains below its Fair Value estimate.
The virtual 2024 Annual Shareholder Meeting, held on December 6, saw a strong turnout with approximately 74.78% of the total outstanding voting shares represented. The presence of both common stock and Series A Preferred Stock holders, including 100% of the outstanding Series A Preferred Stock owned by CEO, President, and Chairman Steven Rossi, constituted a quorum as per the company's bylaws and Nevada law. InvestingPro analysis shows the company maintains a healthy current ratio of 2.96, indicating strong short-term liquidity management.
The election results for the board of directors were unanimous in favor of the five nominees, with no votes against and only withheld votes and broker non-votes affecting the tally. Each director will serve until the 2025 annual meeting or until their earlier resignation, death, or removal. The nominees included Steven Rossi, Lorenzo Rossi, Craig Loverock, William Caragol, and Ned L. Siegel.
Additionally, shareholders ratified the selection of Lumsden & McCormick (NYSE:MKC), LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal received an overwhelming majority of votes in favor, with minimal opposition and abstentions.
The non-binding advisory vote on the compensation of the company's named executive officers also passed, with a majority supporting the current compensation structure.
Lastly, the proposal to adjourn the meeting to allow for further solicitation of proxies, if necessary or appropriate, was approved by a majority vote.
Worksport Ltd, which trades under the symbol NASDAQ:WKSP, has its principal executive offices located in West Seneca, New York. This report is based solely on the information provided in the company's 8-K filing with the SEC.
In other recent news, Worksport Ltd. has reported a significant sales increase in its B2C and B2B segments, with a remarkable revenue growth of 777% over the last twelve months. The company has shifted its strategy to focus on higher-margin branded products, which has contributed to improved gross margins.
Worksport is also preparing to launch several new products in 2025, including the premium AL4 tonneau cover and its clean-tech power generation systems, SOLIS and COR.
Worksport has announced an upgrade to its SOLIS solar tonneau cover system, expected to reduce consumer costs and increase compatibility with various battery generator brands. The company has also secured a contract to supply its AL3 Tonneau Covers to a major U.S. government entity and is developing a heat pump technology that could disrupt the HVAC industry.
Worksport has been granted an additional 180 days by Nasdaq to meet the exchange's minimum bid price requirement. The company has also implemented strategic cost-saving measures and announced new product launches that are expected to save approximately $1.5 million in expenses in 2025. These are recent developments that are expected to contribute to the company's financial performance and growth trajectory.
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