CEO Invests at Premium as Company Investigates Potentially Illegal Short Selling
Worksport (WKSP) is taking proactive steps to address unusual trading activity in its stock. The clean energy and hybrid solutions company has enlisted Digital BD, Inc. to investigate potentially illegal short selling of its shares, aiming to protect shareholder interests and ensure compliance with fair market practices.
Strong CEO Endorsement Amid Stock Volatility
Steven Rossi, CEO of Worksport, has shown strong confidence in the company’s trajectory by personally purchasing restricted Worksport shares at a 44% premium above market price. “We strongly believe that recent stock trading activity does not reflect the health of our business or our significant growth pathways,” Rossi said. He highlighted the company’s outstanding recent performance, including a 581% revenue growth in Q3, and noted Worksport’s projected 2025 revenues could exceed its current market capitalization.
“Our sales are growing exponentially month over month, and we have three highly innovative products set for near-term release. I purchased shares at a premium to show my unwavering confidence in Worksport’s bright future,” Rossi added. This commitment underscores his belief that the company’s current stock price does not capture its potential value.
Engagement of Digital BD, Inc. to Investigate Short Selling
In response to suspicious trading activity, Worksport has engaged Digital BD, Inc., a leader in market integrity surveillance, Regulation SHO compliance, and short sale trading analytics. Digital BD will monitor all U.S. exchange data, analyzing both exempt (market makers) and non-exempt (other market participants) short sales to detect any irregularities.
Regulation SHO mandates that market makers engage in fair trading practices by balancing purchases and sales; speculative short selling strategies are not permitted as part of bona-fide market-making. Digital BD will ensure adherence to these requirements, carefully scrutinizing market maker activities in WKSP shares.
Data-Driven Surveillance for Transparency
As part of the investigation, Digital BD will collaborate with Worksport to examine broker volume reports, identifying the market makers involved in trading WKSP shares and assessing their share of trading volume. By triangulating this data with short volume information, Worksport aims to gain insights into potential sources of stock manipulation. This approach demonstrates the company’s commitment to transparency and protecting shareholders from market abuses.
Commitment to Shareholder Value and Compliance
Rossi emphasized Worksport’s dedication to safeguarding shareholder interests and preventing illegal short-selling practices. “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,” he said.
The proactive steps taken by Worksport demonstrate a firm commitment to maintaining a fair market and protecting shareholder value as the company enters a new phase of growth and innovation. Worksport’s robust performance and the upcoming release of three innovative products further affirm its position as a rising force in hybrid and clean energy solutions. With the support of Digital BD, the company is prepared to pursue any necessary actions to address illegal market manipulation and uphold the integrity of its stock.
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