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B. Riley Financial Closes Upsized $65 Million Common Stock Offering Including Full Exercise of Underwriter Option



B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley” or the “Company”) today announced that it has closed an underwritten registered public offering of 1,413,045 shares of its common stock, which included 184,310 shares issued in connection with the underwriter’s option to purchase additional shares, at a price to the public of $46.00 per share (the “Offering”), for gross proceeds of approximately $65.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Certain of the Company’s officers, directors and employees purchased an aggregate of 149,670 shares in the offering at the public offering price.

The offering resulted in net proceeds of approximately $61.4 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds of this offering for general corporate purposes, including funding future acquisitions and investments, making capital expenditures and funding working capital.

B. Riley Securities, Inc. acted as sole book-running manager for the offering.

The NBD Group acted as legal counsel to the Company. Duane Morris LLP acted as legal counsel to the underwriter.

The shares of common stock were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on February 24, 2020. The offering was made only by means of a prospectus supplement and accompanying base prospectus.

Copies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC’s website at, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by emailing

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would not be permitted.

About B. Riley Financial, Inc. (NASDAQ: RILY)

B. Riley Financial, Inc. provides collaborative financial services solutions tailored to fit the capital raising, business, operational, and financial advisory needs of its clients and partners. B. Riley operates through several subsidiaries which offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting, litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. B. Riley also makes proprietary investments in companies and assets with attractive return profiles.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the terms and conditions and timing of the common stock offering and the intended use of proceeds. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ include (without limitation) the possibility that the common stock offering will not be consummated at the expected time, on the expected terms, or at all; and the Company’s financial performance; and those risks described from time to time in B. Riley’s periodic filings with the SEC, including, without limitation, the risks described in B. Riley’s Annual Report on Form 10-K for the year ended December 31, 2019 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Additional information is also set forth in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020June 30, 2020 and September 30, 2020. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley undertakes no duty to update this information.




Investor Relations

Jo Anne McCusker

(310) 966-1444

(646) 885-5425

SOURCE B. Riley Financial

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Made in China EV Player Aims to Become the Next Tesla



Last year, overall car sales plummeted 20% but EV sales jumped 43% with plenty of more room to run. Tesla Inc (NASDAQ:TSLA) is without a doubt one of the world’s most exciting car makers that made going green a new norm this competitive industry. Its modern design has become an industry standard as Tesla single-handedly made EVs cool, and fueled a dramatic rise in this burgeoning market since its debut. But, it’s no longer alone on the electric playing field and its influence hasn’t been ignored overseas. Besides Europe, China also answered to Tesla’s dominance.

NIO Limited (NYSE:NIO) used to be an outlier in the EV market but keeping its balance sheet in line paid offin a big way. It has seen its share price soar from $3.24 at the start of 2020 to a high of $50 earlier this year before going back to its current price of $38. Back in November, NIO unveiled a pair of vehicles that would make even the biggest Tesla fans question their brand loyalty. The vehicles that are meant to compete with Tesla’s Model could be exactly what the company needs to take control of its domestic market. But, there’s another emerging Tesla rival that Wall Street views as an early leader in autonomous driving.


Founded half a decade ago, an EV startup is giving Tesla a run for its money with its “smart EVs” featuring highly autonomous driving, among other tech features. Xpeng Inc (NYSE: XPEV) already sells two EVs, the G3 SUV and the P7 sedan, mainly in China. Along with its Chinese EV peers, Nio and Li Auto (NASDAQ: LI), Xpeng scored blowout EV sales last year and it just revealed its newest model.

The P5

On Wednesday, P5 was revealed as the world’s first mass-produced EV equipped with lidar sensors. This particular EV marks the Chinese EV startup’s third production vehicle and second electric sedan. It is “the world’s first production smart EV equipped with automotive-grade LIDAR technology”. Each new Xpeng model aims for a new high in technology, and the P5 is the company’s most advanced and technically ambitious model to date. It will be shown at Auto Shanghai 2021 on April 19th. It will be priced lower than the P7 and it should be available to Chinese customers during this year’s third or fourth quarter, according to CNBC.


In an effort to stay ahead of competitors, a top executive at the company told CNBC that the company is also looking into making its own semiconductors for autonomous driving. Xinzhou Wu, vice president in charge of autonomous driving, said the company is exploring various options technologies, including autonomous driving chips. The P5 uses chips from Nvidia (NASDAQ: NVDA) for autonomous driving and Qualcomm Incorporated (NASDAQ: QCOM) for its in-car digital cockpit.


There’s no reason to doubt that XPeng will continue to expand within China. The company announced to Reuters to expect a lineup of seven to eight models by 2024 which will inevitably lead to further improvement of its top-line performance. One thing is for sure, Tesla’s dominance is no longer a given.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact:

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The Electric Pickup Is Coming



Worksport Terravis Solar System On Electric Pickup Truck

Pickups are more than a vehicle. They are a lifestyle and a philosophy – and the world’s first electric pickup is coming to life as we speak. Besides Tesla Inc (NASDAQ: TSLA) Cybertruck that is due by the end of the year, there will be many other candidates who will attempt to challenge the iconic F-150 by Ford Motors (NYSE: F), whose electric version should enter production at the beginning of next year.

The Rivian R1T could be the first electric pickup to hit the market as the startup is planning to start deliveries within the next three months. In order to achieve volume production in a battlefield of limited supply, securing battery supply is key and on April 12th, Rivian announced that it has trusted Samsung with this task. Its electric vehicles are quite big which translates to larger battery packs. Although Rivian also plans to get into its own battery cell production, it will rely on Samsung SDI battery cells for now as it plans to make hundreds of thousands of electric vehicles per year at its factory in Normal, Illinois.

Meanwhile, Worksport Ltd (OTC: WKSP), whose tonneau covers go beyond getting the job done, is taking pickups to a whole new level with its solar accessories from its TerraVis line that was revealed back in August. EV players Atlis Motor Vehicles and Hercules Electric Vehicles already signed up to benefit from this revolutionary technology. As a result, Worksport is a Tier One OEM supply partner for the forthcoming Alpha Electric Pickup and it is configuring the TerraVis™ solar charging system as an OE accessory for the tech advanced Atlis XT electric pickup truck.

The TerraVis fusion is the first of its kind. It is mobile, tech advanced and can even bought by non-truck owners, allowing the company to penetrate further into the consumer market because there isn’t a single person in the world who can’t benefit from mobile power? The COR battery system can be purchased and used without the TerraVis solar tonneau cover, providing consumers power for job sites, camping, disaster relief and remote events.

Worksport began 2021 with a big bang due to its  over-subscribed Reg-A offering that raised more than $4 million by February. Today Worksport revealed its financial results for the fourth quarter, ending the year on December 31st with $1.1 million in cash and cash equivalents and as a significantly stronger and more diversified company than it was a year ago.  The Covid-19 pandemic significantly impacted operations but Worksport’s capital structure that is free of long-term debt allowed the company to lay the groundwork for significant future revenue growth with its full line of innovative tonneau covers. The received funding will allow the company to retool its plants, enhance its manufacturing capabilities, build inventory, and boost its branding efforts.  With an anticipated surge in consumer spending many expect will follow the end of the pandemic, and the emerging market for EVs and their accessories, Worksport is well-positioned to benefit from these developing trends. After all, tonneau covers are already the #1 accessory for traditional pickups.

Rivian and Worksport are merely two examples that stand as a testament to the enthusiasm investors have for the eagerly anticipated electric pickup. The era of electric cars is well underway, and the stock market is certainly excited as the race of the plug-in pickup trucks is about to begin.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact:

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Worksport Reports 2020 Full Year Financial Results and Provides Business Update



EV Updates

  • Ended 2020 with $1.1 Million in Cash and Cash Equivalents
  • Introduced Upcoming TerraVis™ Product Line
  • Announced Tier-One OEM Supply Agreement with Major EV Manufacturer

TORONTO – April 14 , 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) a developer and manufacturer of high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks, today reported financial results for the fourth quarter and full year ended December 31, 2020.

Steven Rossi, Chief Executive Officer of Worksport said, “Worksport today is a significantly stronger and more diversified company than it was a year ago.  Like most companies, the Covid-19 pandemic significantly impacted operations but our capital structure, which includes no long-term debt, allowed us to use that time to lay the groundwork for what we believe will be significant revenue growth in the future.  We now have a full line of innovative tonneau covers that have been meticulously scrutinized as we retooled for greater manufacturing capacity in preparation for the 2021 production year.  Most importantly, in late August, we introduced TerraVis™, revolutionary development in the emerging EV market that we believe is a transformative step in our evolution, and to that end we announced an agreement with Hercules Electric Mobility Inc. to become a Tier-One OEM supplier for their highly anticipated Alpha Electric Pickup, with over US $27 million in early customer reservations.  Finally, and as a testament to the enthusiasm investors have for Worksport, late in 2020 we initiated a Reg-A offering which by December 31, 2020 had raised more than $1 million, and by the time we closed the offering in February 2021, had raised more than $4 million.  This capital will allow us to invest in manufacturing capabilities, building inventory, and boosting our marketing and branding efforts.  With an anticipated surge in consumer spending many say will follow the end of the pandemic, and the emerging market for electric vehicles and accessories, Worksport is well-positioned to benefit from these developing trends.”

Subsequent Events

  • In February 2021, Worksport closed its oversubscribed Reg-A offering, raising more than $4 million
  • To date, Worksport received an additional $2.9 million from the exercise of warrants associated with its Reg-A offering
  • Worksport raised $3 million from non-brokered Private Placement

Full Year 2020 Financial Results

For the year ended December 31, 2020, total revenues were $346,144, compared to $1,926,405 for the year ended December 31, 2019.

Net loss for the year ended December 31, 2020 was $1,187,620 compared to a net loss of $359,034 for the prior year period

Total cost of sales for the year ended December 31, 2020 decreased by 82% from $1,687,857 to $298,996 for the prior year period.

General and administrative expenses were $201,929 in 2020 compared to $238,841 for the prior year period.

To stay up-to-date on all the latest Worksport news… investors, supporters, and shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters at and


About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. and consumer-oriented adventures & purposes, where portable energy is a necessity. Available soon to pre-order, the modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker, for work and play, to sustainably supply extra energy for those additional miles.  Expected to launch by end of year 2021, its allied TerraVis COR™ mobile energy storage system (ESS), will be another redefining product targeted for vacationers, second-home owners, and campers.  Plans are also being constructed to expand with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs.  For more information, please visit and

Connect with Worksport:





For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789


Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Company estimates, forecasts, and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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