WRAP TECHNOLOGIES, INC. Faces Delisting Notice
Ticker: WRAP · Form: 8-K · Filed: Apr 19, 2024 · CIK: 1702924
| Field | Detail |
|---|---|
| Company | Wrap Technologies, Inc. (WRAP) |
| Form Type | 8-K |
| Filed Date | Apr 19, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, compliance
TL;DR
WRAP TECHNOLOGIES, INC. got a delisting notice, big trouble brewing.
AI Summary
On April 18, 2024, WRAP TECHNOLOGIES, INC. filed an 8-K to report a notice of delisting or failure to satisfy a continued listing rule. The company is also addressing other events and filing financial statements and exhibits.
Why It Matters
This filing indicates potential issues with WRAP TECHNOLOGIES, INC.'s compliance with stock exchange listing requirements, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to its operations and investors.
Key Players & Entities
- WRAP TECHNOLOGIES, INC. (company) — Registrant
- April 18, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 1817 W 4th Street, Tempe, Arizona 85281 (address) — Principal executive offices
FAQ
What specific listing rule or standard has WRAP TECHNOLOGIES, INC. failed to satisfy?
The filing states a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule in the provided text.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 18, 2024.
What is the company's principal executive office address?
The company's principal executive office is located at 1817 W 4th Street, Tempe, Arizona 85281.
What is WRAP TECHNOLOGIES, INC.'s state of incorporation?
WRAP TECHNOLOGIES, INC. is incorporated in Delaware.
What are the main items covered in this 8-K filing?
This 8-K filing covers a Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard, Other Events, and Financial Statements and Exhibits.
Filing Stats: 595 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-04-19 17:25:37
Key Financial Figures
- $0.0001 — registered Common Stock , par value $0.0001 per share WRAP Nasdaq Capital Market
Filing Documents
- wrap20240419_8k.htm (8-K) — 25KB
- ex_657282.htm (EX-99.1) — 14KB
- 0001437749-24-012588.txt ( ) — 172KB
- wrap-20240418.xsd (EX-101.SCH) — 3KB
- wrap-20240418_def.xml (EX-101.DEF) — 11KB
- wrap-20240418_lab.xml (EX-101.LAB) — 15KB
- wrap-20240418_pre.xml (EX-101.PRE) — 11KB
- wrap20240419_8k_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 18, 2024, Wrap Technologies, Inc. (the "Company") received a notice (the "Notice") from the Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that as it has not yet filed its Annual Report on Form 10-K (the "Form 10K") for the year ended December 31, 2023, the Company now no longer complies with Listing Rule 5250(c)(1) for continued listing on Nasdaq. The Company has 60 calendar days to submit to Nasdaq a plan to regain compliance, and if such plan is accepted, Nasdaq may grant the Company an exception of up to 180 calendar days from the prescribed due date for filing the Form 10K, or until October 14, 2024, to regain compliance. The Notice from Nasdaq has no immediate effect on the listing of the Company's common stock. The Company is currently evaluating its options for regaining compliance. There can be no assurance that the Company will regain compliance with the Nasdaq's rules or maintain compliance with any of the other Nasdaq continued listing requirements.
01 Other Events
Item 8.01 Other Events. On April 19, 2024, the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 hereto.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated April 19, 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: April 19, 2024 By: /s/ Scot Cohen Scot Cohen Chief Executive Officer