Worksport Acquires New York Manufacturing Facility For $8M

• Worksport Ltd (NASDAQ:WKSP) subsidiary WKSP NY has acquired a manufacturing facility in New York for $8.125 million.
• The facility is 152,847 square feet and features a 17,229-square foot Automated Storage & Retrieval System.
• The company plans to manufacture its line-up of products in the new facility, including its solar cover, SOLIS, primarily constructed of aluminum components.
• The acquisition was completed with a purchase and sale agreement between the company and J&M Distributing on May 6, 2022.
• Worksport funded the deal with cash and a loan agreement with Northeast Bank for $5.3 million.
• Worksport held $28.6 million in cash and equivalents as of December 31, 2021.
• Price Action: WKSP shares are trading lower by 0.05% at $1.85 on the last check Thursday.