SecProbe.io

Filing text and metadata
Intelligence Terminal Search Probe Scores Topics IPO Watchlist Monthly Activity About API

SEC Comment Letter for Worksport Ltd (WKSP) (CIK 0001096275) (WKSP) — Sep 21, 2016

Worksport Ltd (WKSP) (CIK 0001096275)
Date: Sept. 21, 2016 · CIK: 0001096275 · Accession: 0000000000-16-093881

AI Filing Summary & Sentiment

Sentiment
Urgency
Document Type
Confidence
SEC Posture
Company Posture

Summary

Reasoning

Date
Sept. 21, 2016
Author
/s/ A.N. Parker
Form
UPLOAD
Company
Worksport Ltd (WKSP) (CIK 0001096275)

Letter

Mail Stop 3561 September 21 , 2016 Steven Rossi President and Chief Executive Officer Franchise Holdings International, Inc. 3120 Rutherford Road, Suite 414 Vaughan, Ontario, Canada L4K 0B2

Re: Franchise Holdings International, Inc . Registration Statement on Form S-1 Filed September 2 , 2016 File No. 333 -213467

Dear Mr. Rossi :

We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. Where you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

General

1. To register the “resale” of the shares underlying the Amended and Restated Equity Purchase Agreement, the private placement must be complete prior to filing the registration statement. We note Section 2.2(c) of the equity purchase agreement requires that Kodiak must immediately return the put shares to the company if the purchase price falls below the floor price. However, we also note that the Form of Put Notice filed as Exhibit A leaves the floor price blank , which appears to leave open the possibility that the company can change the floor price at each put. Please note that if either party can change the floor pricing under the agreement , the pricing mechanism is not set and the private plac ement in not complete. Please revise so that the floor price is fixed or determined by a formula agreed to in advance.

Steven Rossi Franchise Holdings International , Inc. September 21, 201 6 Page 2

We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing inc ludes the information the Securities Act of 1933 and all applicable Securities Act rules require. Since the company and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.

Notwithstanding our comments, in the event you request acceleration of the effective date of the pending registration statement please provide a written statement from the company acknowledging that:

 should the Commissi on or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;

 the action of the Commission or the staff, acting pursuant to delegated authori ty, in declaring the filing effective, does not relieve the company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and

 the company may not assert staff comments and the declaration of effectiveness as a defens e in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Please refer to Rules 460 and 461 regarding requests for acceleration. We will consider a written request for acceleration of the effective date of the registration statement as confirmation of the fact that those requesting acceleration are aware of thei r respective responsibilities under the Securities Act of 1933 and the Securities Exchange Act of 1934 as they relate to the proposed public offering of the securities specified in the above registration statement. Please allow adequate time for us to rev iew any amendment prior to the requested effective date of the registration statement.

Please contact John Stickel at (202) 551 -3324 or me at (202) 551 -3611 with any questions.

Sincerely,
/s/ A.N. Parker

Show Raw Text
Mail Stop 3561
September 21 , 2016

Steven Rossi
President and Chief Executive Officer
Franchise Holdings International, Inc.
3120 Rutherford Road, Suite 414
Vaughan, Ontario, Canada L4K 0B2

Re: Franchise Holdings International, Inc .
  Registration Statement on Form  S-1
Filed September 2 , 2016
  File No. 333 -213467

Dear Mr. Rossi :

We have limited our review of your registration statement to those issues we have
addressed in our comments.  In some of our comments, we may ask you to provide us with
information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the
requested information.   Where you do not  believe our comments apply to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.

After reviewing any amendment to your registration statement and the information you
provide in response to these comments, we may have additional comments.

General

1. To register the “resale”  of the shares underlying the Amended and Restated Equity
Purchase Agreement, the private placement must be complete prior to filing the
registration statement.  We note Section 2.2(c) of the equity purchase agreement requires
that Kodiak must immediately return the put shares to the company if the purchase price
falls below the floor price.  However, we also note that the Form of Put Notice filed as
Exhibit A leaves the  floor price  blank , which appears to leave open the possibility that the
company can change the floor price at each put.  Please note that if either party can
change the floor pricing under the agreement , the pricing mechanism is not set and the
private plac ement in not complete.  Please revise so that the floor price is fixed or
determined by a formula agreed to in advance.

Steven Rossi
Franchise Holdings International , Inc.
September  21, 201 6
Page 2

We urge all persons who are responsible for the accuracy and adequacy of the disclosure
in the filing to be certain that the filing inc ludes the information the Securities Act of 1933 and
all applicable Securities Act rules require.   Since the company and its management are in
possession of all facts relating to a company’s disclosure, they are responsible for the accuracy
and adequacy of  the disclosures they have made.

Notwithstanding our comments, in the event you request acceleration of the effective date
of the pending registration statement please provide a written statement from the company
acknowledging that:

 should the Commissi on or the staff, acting pursuant to delegated authority, declare the
filing effective, it does not foreclose the Commission from taking any action with respect
to the filing;

 the action of the Commission or the staff, acting pursuant to delegated authori ty, in
declaring the filing effective, does not relieve the company from its full responsibility for
the adequacy and accuracy of the disclosure in the filing; and

 the company may not assert staff comments and the declaration of effectiveness as a
defens e in any proceeding initiated by the Commission or any person under the federal
securities laws of the United States.

Please refer to Rules 460 and 461 regarding requests for acceleration.  We will consider a
written request for acceleration of the effective date of the registration statement as confirmation
of the fact that those requesting acceleration are aware of thei r respective responsibilities under
the Securities Act of 1933 and the Securities Exchange Act of 1934 as they relate to the proposed
public offering of the securities specified in the above registration statement.  Please allow
adequate time for us to rev iew any amendment prior to the requested effective date of the
registration statement.

Please contact John Stickel at (202) 551 -3324 or me at (202) 551 -3611  with any
questions.

Sincerely,

 /s/ A.N. Parker

Anne Nguyen Parker
Assistant Director
Office of Transportation and Leisure

cc:  Matthew C. McMurdo, Esq.