WRAP Technologies 8-K: Officer/Director Changes, Comp Arrangements
Ticker: WRAP · Form: 8-K · Filed: Jan 19, 2024 · CIK: 1702924
| Field | Detail |
|---|---|
| Company | Wrap Technologies, Inc. (WRAP) |
| Form Type | 8-K |
| Filed Date | Jan 19, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-change, compensation, corporate-governance
TL;DR
**WRAP Technologies just reported executive changes and compensation updates.**
AI Summary
WRAP Technologies, Inc. filed an 8-K on January 19, 2024, reporting an event that occurred on January 14, 2024. This filing indicates a change in the company's leadership or compensatory arrangements, as it falls under 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers'. For investors, this matters because changes in executive leadership or compensation structures can signal shifts in company strategy, financial health, or governance, potentially impacting future stock performance.
Why It Matters
Changes in executive leadership or compensation can signal strategic shifts or financial health concerns, directly influencing investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in leadership or compensation can introduce uncertainty about future company direction and stability, posing a moderate risk to investors.
Analyst Insight
Investors should monitor subsequent filings or company announcements for specific details regarding the executive changes or compensation arrangements to understand their potential impact on the company's future strategy and performance.
Key Numbers
- $0.0001 — Par value per share (The par value of WRAP Technologies' Common Stock.)
Key Players & Entities
- WRAP TECHNOLOGIES, INC. (company) — the registrant filing the 8-K
- January 14, 2024 (date) — date of the earliest event reported
- January 19, 2024 (date) — date the 8-K was filed
- Nasdaq Capital Market (company) — exchange where WRAP Common Stock is registered
- $0.0001 (dollar_amount) — par value per share of Common Stock
FAQ
What is the primary purpose of this 8-K filing by WRAP Technologies, Inc.?
The primary purpose of this 8-K filing is to report events related to 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' and 'Other Events', as indicated in the 'ITEM INFORMATION' section.
When did the earliest event reported in this 8-K filing occur?
The earliest event reported in this 8-K filing occurred on January 14, 2024, as stated under 'Date of Report (Date of earliest event reported): January 14, 2024'.
What is the trading symbol and exchange for WRAP Technologies, Inc.'s Common Stock?
WRAP Technologies, Inc.'s Common Stock trades under the symbol 'WRAP' on the Nasdaq Capital Market, as listed under 'Securities registered pursuant to Section 12(b) of the Act'.
What is the state of incorporation for WRAP Technologies, Inc.?
WRAP Technologies, Inc. is incorporated in Delaware, as specified in the filing under 'State or other jurisdiction of incorporation: Delaware'.
What is the business address and phone number of WRAP Technologies, Inc.?
The business address for 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' and 'BUSINESS PHONE' sections.
Filing Stats: 852 words · 3 min read · ~3 pages · Grade level 10 · Accepted 2024-01-19 16:30:14
Key Financial Figures
- $0.0001 — h registered Common Stock , par value $0.0001 per share WRAP Nasdaq Capital Market
Filing Documents
- wrap20240119_8k.htm (8-K) — 33KB
- ex_616950.htm (EX-10.1) — 14KB
- ex_616951.htm (EX-10.2) — 16KB
- ex_616952.htm (EX-99.1) — 16KB
- 0001437749-24-001738.txt ( ) — 220KB
- wrap-20240114.xsd (EX-101.SCH) — 3KB
- wrap-20240114_def.xml (EX-101.DEF) — 11KB
- wrap-20240114_lab.xml (EX-101.LAB) — 15KB
- wrap-20240114_pre.xml (EX-101.PRE) — 11KB
- wrap20240119_8k_htm.xml (XML) — 2KB
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   Amendment to Employment Agreements   On January 14, 2024, the Board of Directors (the "Board") of Wrap Technologies, Inc. (the "Company") appointed Scot Cohen, who previously served as the Company's Executive Chairman and Principal Executive Officer, to the position of Executive Chairman and Chief Executive Officer. In connection therewith, the Company and Mr. Cohen entered into an amendment, dated January 14, 2024, to Mr. Cohen's Employment Agreement, dated October 12, 2023 (the "Cohen Amendment") to, among other things, reflect Mr. Cohen's new title.   Also on January 14, 2024, the Board appointed Kevin Mullins, who previously served as the Company's Chief Executive Officer, to the position of President. In connection therewith, the Company and Mr. Mullins entered into an amendment, dated January 14, 2024, to Mr. Mullins's Employment Agreement, dated April 13, 2022 (the "Mullins Amendment") to, among other things, reflect Mr. Mullin's new title.   The description of the Cohen Amendment and Mullins Amendment contained in this Item 5.02 are qualified in their entirety by reference to the full text of the Cohen Amendment and Mullins Amendment, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated herein by reference.   Equity Awards   In connection with Mr. Cohen's appointment as Chief Executive Officer, on January 14, 2024, the Board approved an amendment to the Non-Statutory Stock Option Agreement, dated as of October 12, 2023, between the Company and Mr. Cohen (the "Stock Option Amendment"), providing that the stock options issued thereunder shall vest in four annual installments, provided that Mr. Cohen is still employed by the Company or an affiliate of the Company on the applicable vesting date. The other te
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Item 8.01 Other Events.   On January 16, 2024, the Company issued a press release announcing the appointment of Mr. Cohen and Mr. Mullins to their new positions. A copy of the press release is attached as Exhibit 99.1 hereto.        
Financial Statements and Exhibits
Financial Statements and Exhibits.   (d) Exhibits.   Exhibit No.   Description 10.1   First Amendment to Employment Agreement, by and between Scot Cohen and Wrap Technologies, Inc. dated January 14, 2024. 10.2   First Amendment to Employment Agreement, by and between Kevin Mullins and Wrap Technologies, Inc. dated January 14, 2024. 99.1   Press Release issued by Wrap Technologies, Inc., dated January 16, 2024 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 19, 2024 By: /s/ Scot Cohen     Scot Cohen     Chief Executive Officer