WRAP TECHNOLOGIES Faces Listing Rule Concerns
Ticker: WRAP · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1702924
| Field | Detail |
|---|---|
| Company | Wrap Technologies, Inc. (WRAP) |
| Form Type | 8-K |
| Filed Date | Aug 21, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting-risk, listing-rules, compliance
TL;DR
WRAP TECHNOLOGIES might be in trouble with the stock exchange, filing an 8-K about listing rules.
AI Summary
On August 16, 2024, WRAP TECHNOLOGIES, INC. filed an 8-K report indicating a potential delisting or failure to meet continued listing requirements. The company is also addressing other events and filing financial statements and exhibits.
Why It Matters
This filing signals potential issues with WRAP TECHNOLOGIES' compliance with stock exchange listing standards, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — The filing explicitly mentions 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard,' indicating a significant risk to the company's stock market status.
Key Players & Entities
- WRAP TECHNOLOGIES, INC. (company) — Registrant
- August 16, 2024 (date) — 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 or is at risk of failing?
The filing does not specify the exact rule or standard that WRAP TECHNOLOGIES, INC. has failed to satisfy or is at risk of failing, only that a notice has been issued.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing is August 16, 2024.
What is the company's state of incorporation?
The company's state of incorporation is Delaware.
What are the principal executive offices of WRAP TECHNOLOGIES, INC.?
The principal executive offices of WRAP TECHNOLOGIES, INC. are located at 1817 W 4th Street, Tempe, Arizona 85281.
What is the purpose of this Form 8-K filing?
This Form 8-K filing is to report a notice of delisting or failure to satisfy a continued listing rule or standard, as well as other events and financial statements and exhibits.
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-08-21 08:42:05
Key Financial Figures
- $0.0001 — registered Common Stock , par value $0.0001 per share WRAP Nasdaq Capital Market
Filing Documents
- wrap20240821_8k.htm (8-K) — 26KB
- ex_717085.htm (EX-99.1) — 14KB
- 0001437749-24-027433.txt ( ) — 175KB
- wrap-20240816.xsd (EX-101.SCH) — 3KB
- wrap-20240816_def.xml (EX-101.DEF) — 11KB
- wrap-20240816_lab.xml (EX-101.LAB) — 15KB
- wrap-20240816_pre.xml (EX-101.PRE) — 11KB
- wrap20240821_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. Additionally, on May 17, 2024, the Company received a notice (the "May Notice") from Nasdaq notifying the Company that as it has not yet filed its Quarterly Report on Form 10-Q (the "Q1 Form 10Q") for the three months ended March 31, 2024, that the Company is not in compliance with the Listing Rule. On August 16, 2024, the Company received a notice (the "August Notice," and collectively with the Initial Notice and the May Notice, the "Notices") from Nasdaq notifying the Company that as it has not yet filed its Quarterly Report on Form 10-Q (the "Q2 Form 10Q," and collectively with the Form 10-K and Q1 Form 10-Q, the "Delinquent Filings") for the six months ended June 30, 2024, that the Company is not in compliance with the Listing Rule for continued listing on Nasdaq The Company previously submitted a plan to Nasdaq to regain compliance with respect to the delinquent Form 10-K and Q1 Form 10-Q (the "Plan"), and Nasdaq granted an exception until August 30, 2024, to file the delinquent Form 10-K and Q1 Form 10-Q. Pursuant to the August Notice, the Company is required to submit an update to the Plan to Nasdaq no later than September 3, 2024, to regain compliance with respect to the filing requirements. Nasdaq may grant the Company an additional exception of up to a maximum of 180 calendar days from the filing due date of the Form 10-K to file all Delinquent Filings, or until October 14, 2024, to regain comp
01 Other Events
Item 8.01 Other Events. On August 21, 2024, the Company issued a press release announcing its receipt of the August 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 August 21, 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: August 21, 2024 By: /s/ Scot Cohen Scot Cohen Chief Executive Officer