Wrap Technologies (Nasdaq: WRAP) (“Wrap” or the “Company”), a
global pioneer in innovative public safety solutions, announced
today that it has executed a securities purchase agreement with
certain directors of the Company and certain accredited and
institutional investors to raise gross proceeds of approximately
$10 million in a registered direct offering of convertible
preferred stock and warrants. The offering is expected to close on
July 3, 2023, subject to the satisfaction of customary closing
conditions.
The securities purchase agreement provides for the sale of
preferred stock with a conversion price of $1.45 per share,
subject to adjustment, and warrants to acquire up to an aggregate
amount of 6,896,553 additional shares of the Company’s common
stock. The preferred stock will have a stated value of $1,000 per
share, and holders thereof will be entitled to cumulative dividends
of 8% per annum on the stated value, payable quarterly in arrears.
The warrants are exercisable six months after issuance at an
exercise price of $1.45 per share, subject to adjustment, and
expire five years from the date of issuance. The preferred stock
conversion price and warrant exercise price of $1.45 per share
represent the closing share price on June 29, 2023.
Wrap engaged Katalyst Securities LLC to serve as placement agent
for the Company in connection with the offering.
The securities described above are being offered and sold by
Wrap in a registered direct offering pursuant to a “shelf”
registration statement on Form S-3 (Registration No. 333-260612),
including a base prospectus previously filed with the Securities
and Exchange Commission (the “SEC”) and declared effective by the
SEC on November 12, 2021. The offering of such securities is
being made only by means of a prospectus supplement that forms a
part of the registration statement. A final prospectus supplement
and base prospectus relating to the registered direct offering will
be filed with the SEC and will be available on the SEC’s website
located at www.sec.gov. Electronic copies of the prospectus
supplement and the accompanying base prospectus may also be
obtained by contacting Katalyst Securities LLC at 655 Third Avenue,
18th Floor, New York, NY 10017, or by phone at 212-400-6993.
This press release is not an offer to sell, or a solicitation of
an offer to buy, nor shall there be any sale of, these securities
in any state or jurisdiction in which such an offer, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction.
About Wrap
Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global
provider of advanced public safety solutions, integrating
state-of-the-art technology, cutting-edge tools, and comprehensive
services to address the complex, modern day challenges facing
public safety organizations around the world. Guided by a no-harm
principle, Wrap is dedicated to developing groundbreaking solutions
that empower public safety agencies to safeguard the communities
they serve in a manner that fosters stronger relationships and
delivers positive public safety outcomes.
Wrap’s BolaWrap® solution encompasses an innovative and patented
hand-held remote restraint device, strategically engineered with
Wrap’s no-harm guiding principle to proactively deter escalation by
deploying a Kevlar® tether that safely restrains individuals from a
distance. Combined with BolaWrap® training, certified by the
esteemed International Association of Directors of Law Enforcement
Standards and Training (IADLEST), Wrap enables officers from over
900 agencies across the US and 60 countries around the world, with
the expertise to effectively use BolaWrap® as an early intervention
measure, mitigating potential risks and injuries, averting tragic
outcomes.
Wrap Reality™, the Company’s advanced virtual reality training
system, is a fully immersive training simulator and comprehensive
public safety training platform equips first responders with the
discipline and practice to prevent escalation, de-escalate
conflicts, and apply appropriate tactical use-of-force measures to
better perform in the field. By offering a growing range of
real-life scenarios, Wrap Reality™ addresses the dynamic nature of
modern law enforcement situations for positive public safety
outcomes.
Wrap’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.
Connect with Wrap:
Wrap on FacebookWrap on TwitterWrap
on LinkedIn
Trademark Information
BolaWrap, Wrap and Wrap Reality are trademarks of Wrap
Technologies, Inc. All other trade names used herein are either
trademarks or registered trademarks of the respective holders.
Cautionary Note on Forward-Looking Statements - Safe
Harbor Statement
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to: statements regarding the Company’s overall business; total
addressable market; and expectations regarding future sales,
expenses and break-even and profitability expectations. Words such
as “expect”, “anticipate”, “should”, “believe”, “target”,
“project”, “goals”, “estimate”, “potential”, “predict”, “may”,
“will”, “could”, “intend”, and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Moreover,
forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company’s control. The Company’s actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to: the Company’s ability to successfully implement
training programs for the use of its products; the Company’s
ability to manufacture and produce product for its customers; the
Company’s ability to develop sales for its new product solution;
the acceptance of existing and future products, including the
acceptance of the BolaWrap 150; the risk that distributor and
customer orders for future deliveries are modified, rescheduled or
cancelled in the normal course of business; the availability of
funding to continue to finance operations; the complexity, expense
and time associated with sales to law enforcement and government
entities; the lengthy evaluation and sales cycle for the Company’s
product solution; product defects; litigation risks from alleged
product-related injuries; risks of government regulations; the
business impact of health crises or outbreaks of disease, such as
epidemics or pandemics; the impact resulting from geopolitical
conflicts and any resulting sanctions; the ability to obtain export
licenses for countries outside of the US; the ability to obtain
patents and defend IP against competitors; the impact of
competitive products and solutions; and the Company’s ability to
maintain and enhance its brand, as well as other risk factors
mentioned in the Company’s most recent annual report on Form 10-K,
quarterly report on Form 10-Q, and other SEC filings. These
forward-looking statements are made as of the date of this press
release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Except as required by law, the Company undertakes no
duty or obligation to update any forward-looking statements
contained in this release as a result of new information, future
events or changes in its expectations.
Investor Relations
Contact:
Matt Glover and Tom ColtonGateway Group,
Inc.949-574-3860WRAP@gateway-grp.com
Media Relations Contact:
Robert Collins and Zachary KadletzGateway Group,
Inc.949-574-3860WRAP@gateway-grp.com
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