Wrap Technologies to Move Listing to OTCQB
Ticker: WRAP · Form: 8-K · Filed: May 24, 2024 · CIK: 1702924
| Field | Detail |
|---|---|
| Company | Wrap Technologies, Inc. (WRAP) |
| Form Type | 8-K |
| Filed Date | May 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: listing-transfer, otcqb, compliance
Related Tickers: WRAP
TL;DR
WRAP moving from Nasdaq to OTCQB to save cash, effective May 24th.
AI Summary
On May 17, 2024, Wrap Technologies, Inc. announced its intention to transfer its listing from the Nasdaq Capital Market to the OTCQB Venture Market. This decision was made to reduce costs and streamline operations, with the transfer expected to be completed by May 24, 2024. The company believes this move will allow it to better focus on its core business objectives.
Why It Matters
This listing transfer indicates a potential shift in the company's financial strategy and market accessibility, which could impact investor perception and trading liquidity.
Risk Assessment
Risk Level: medium — Moving to a less regulated exchange like OTCQB can signal financial distress or a strategic shift that may carry higher investment risk.
Key Players & Entities
- Wrap Technologies, Inc. (company) — The company filing the report.
- Nasdaq Capital Market (company) — Current stock exchange listing.
- OTCQB Venture Market (company) — New intended stock exchange listing.
- May 17, 2024 (date) — Date of the earliest event reported.
- May 24, 2024 (date) — Expected completion date for the listing transfer.
FAQ
What is the primary reason for Wrap Technologies' decision to transfer its listing?
The company is transferring its listing to reduce costs and streamline operations.
From which exchange is Wrap Technologies moving its listing?
Wrap Technologies is moving its listing from the Nasdaq Capital Market.
To which exchange will Wrap Technologies transfer its listing?
The company intends to transfer its listing to the OTCQB Venture Market.
When is the expected completion date for the listing transfer?
The transfer is expected to be completed by May 24, 2024.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated May 17, 2024.
Filing Stats: 694 words · 3 min read · ~2 pages · Grade level 11.6 · Accepted 2024-05-24 16:51:45
Key Financial Figures
- $0.0001 — registered Common Stock , par value $0.0001 per share WRAP Nasdaq Capital Market
Filing Documents
- wrap20240522_8k.htm (8-K) — 30KB
- ex_678958.htm (EX-99.1) — 14KB
- 0001437749-24-018351.txt ( ) — 178KB
- wrap-20240517.xsd (EX-101.SCH) — 3KB
- wrap-20240517_def.xml (EX-101.DEF) — 11KB
- wrap-20240517_lab.xml (EX-101.LAB) — 15KB
- wrap-20240517_pre.xml (EX-101.PRE) — 11KB
- wrap20240522_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. As previously disclosed, on April 18, 2024, Wrap Technologies, Inc. (the "Company") received a notice (the "Initial 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 is not in compliance with Listing Rule 5250(c)(1) (the "Listing Rule") for continued listing on Nasdaq. On May 17, 2024, the Company received a notice (the "Notice," and collectively with the Initial Notice, the "Notices") from Nasdaq notifying the Company that as it has not yet filed its Quarterly Report on Form 10-Q (the "Form 10Q," and collectively with the Form 10-K, the "Delinquent Filings") for the three months ended March 31, 2024, that the Company is not in compliance with the Listing Rule for continued listing on Nasdaq. In accordance with the Notices, the Company has until June 17, 2024 to submit to Nasdaq a plan to regain compliance with respect to the Delinquent Filings, and if such plan is accepted, Nasdaq may grant the Company an exception of up to a maximum of 180 calendar days from the filing due date of the Form 10-K to file the Delinquent Filings, 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 May 24, 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 May 24, 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: May 24, 2024 By: /s/ Scot Cohen Scot Cohen Chief Executive Officer