WRAP Tech 8-K: Officer/Director Changes, Comp Arrangements
Ticker: WRAP · Form: 8-K · Filed: Jan 5, 2024 · CIK: 1702924
| Field | Detail |
|---|---|
| Company | Wrap Technologies, Inc. (WRAP) |
| Form Type | 8-K |
| Filed Date | Jan 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $137,500, $175 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**WRAP Tech just filed an 8-K about leadership changes and executive pay, watch for details!**
AI Summary
WRAP Technologies, Inc. filed an 8-K on January 5, 2024, to report a 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'. This filing indicates changes in the company's leadership or executive compensation, which could signal a strategic shift or impact future operational stability. Investors should monitor subsequent filings for details on who departed or was appointed, and the nature of any new compensation arrangements, as these can affect the company's direction and financial health.
Why It Matters
Changes in leadership or executive compensation can significantly influence a company's strategic direction, operational efficiency, and financial performance, directly impacting shareholder value.
Risk Assessment
Risk Level: medium — Without specific details on the personnel changes or compensation, the impact on the company's stability and future performance is uncertain, posing a moderate risk.
Analyst Insight
A smart investor would await further details on the specific leadership changes and compensation arrangements before making any investment decisions, as these details will clarify the potential impact on the company's future.
Key Players & Entities
- WRAP TECHNOLOGIES, INC. (company) — the registrant filing the 8-K
- January 5, 2024 (date) — date of earliest event reported and filing date
- Nasdaq Capital Market (company) — exchange where WRAP Common Stock is registered
- Delaware (company) — state of incorporation for WRAP Technologies, Inc.
- $0.0001 (dollar_amount) — par value per share of Common Stock
Forward-Looking Statements
- WRAP Technologies, Inc. will release further details regarding the specific personnel changes and compensation arrangements in a subsequent filing or press release. (WRAP Technologies, Inc.) — high confidence, target: Q1 2024
FAQ
What specific events did WRAP Technologies, Inc. report in this 8-K filing on January 5, 2024?
WRAP Technologies, Inc. reported events related to 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits' on January 5, 2024.
What is the trading symbol for WRAP Technologies, Inc. Common Stock?
The trading symbol for WRAP Technologies, Inc. Common Stock is 'WRAP', as stated in the filing under 'Securities registered pursuant to Section 12(b) of the Act'.
On which exchange is WRAP Technologies, Inc. Common Stock registered?
WRAP Technologies, Inc. Common Stock is registered on the Nasdaq Capital Market, according to the 'Name of each exchange on which registered' section of the filing.
What is the par value per share of WRAP Technologies, Inc.'s Common Stock?
The par value per share of WRAP Technologies, Inc.'s Common Stock is $0.0001, as indicated in the 'Title of each class' section of the filing.
What is the business address and phone number of WRAP Technologies, Inc. as listed in the filing?
The business address of WRAP Technologies, Inc. is 1817 W 4th Street, Tempe, Arizona 85281, and their business phone number is (800) 583-2652, according to the 'BUSINESS ADDRESS' section of the filing.
Filing Stats: 800 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2024-01-05 16:31:58
Key Financial Figures
- $0.0001 — h registered Common Stock , par value $0.0001 per share WRAP Nasdaq Capital Market
- $137,500 — nce payments in a total amount equal to $137,500, representing six months of Mr. DeAlmei
- $175 — sate Mr. DeAlmeida at an hourly rate of $175 for all hours worked and that were requ
Filing Documents
- wrap20240105_8k.htm (8-K) — 27KB
- ex_612555.htm (EX-10.1) — 50KB
- 0001437749-24-000746.txt ( ) — 217KB
- wrap-20240105.xsd (EX-101.SCH) — 3KB
- wrap-20240105_def.xml (EX-101.DEF) — 11KB
- wrap-20240105_lab.xml (EX-101.LAB) — 15KB
- wrap-20240105_pre.xml (EX-101.PRE) — 11KB
- wrap20240105_8k_htm.xml (XML) — 2KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   On January 5, 2024 (the "Termination Date"), Chris DeAlmeida's employment as Chief Financial Officer of Wrap Technologies, Inc. (the "Company") was terminated without cause, effective immediately, pursuant to a Separation Agreement and Mutual Release of Claims (the "Separation Agreement"). The termination of Mr. DeAlmeida's employment was not the result of any disagreement regarding any matter relating to the Company's operations, policies, or practices.   Pursuant to the Separation Agreement, Mr. DeAlmeida is entitled to receive severance payments in a total amount equal to $137,500, representing six months of Mr. DeAlmeida's base salary as in effect immediately prior to the Termination Date, payable in substantially equal installments over a six-month period in accordance with the Company's payroll schedule, beginning after any applicable revocation period has expired without exercise.   The Separation Agreement provides Mr. DeAlmeida with 21 days in which to review the Separation Agreement prior to accepting it. The Separation Agreement further provides that Mr. DeAlmeida shall have the opportunity to revoke his acceptance of the Separation Agreement within seven calendar days of his execution thereof. The Separation Agreement shall become enforceable on the eighth day following Mr. DeAlmeida's execution thereof if he does not revoke his acceptance of the Separation Agreement by written notice before such time.   Mr. DeAlmeida further agreed to provide his continued cooperation with the Company and its affiliates through January 31, 2024, or such later date as may be mutually agreed to (the "Cooperation Period"). In connection with Mr. DeAlmeida's continued cooperation, the Company has agreed to compensate Mr. DeAlmeida at an hourly rate of $175 for all hours worked and that w
Financial Statements and Exhibits
Financial Statements and Exhibits.   (d) Exhibits.   Exhibit No.   Description 10.1   Separation Agreement and Mutual Release of Claims, dated January 5, 2024, by and between Wrap Technologies, Inc. and Chris DeAlmeida. 104   Cover Page Interactive Data File (formatted as Inline XBRL)        
SIGNATURES
SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.     WRAP TECHNOLOGIES, INC.       Date: January 5, 2024 By: /s/ Scot Cohen     Scot Cohen     Executive Chairman