WRAP TECHNOLOGIES Files 8-K with Material Agreements

Ticker: WRAP · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1702924

Wrap Technologies, Inc. 8-K Filing Summary
FieldDetail
CompanyWrap Technologies, Inc. (WRAP)
Form Type8-K
Filed DateAug 23, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.0001, $1,000, $1.00
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, corporate-action, filing

TL;DR

WRAP TECHNOLOGIES just filed an 8-K detailing new material agreements and corporate changes.

AI Summary

On August 19, 2024, WRAP TECHNOLOGIES, INC. filed an 8-K report detailing several key events. These include entering into a material definitive agreement, modifications to security holder rights, and amendments to its articles of incorporation or bylaws. The filing also includes financial statements and exhibits.

Why It Matters

This 8-K filing indicates significant corporate actions by WRAP TECHNOLOGIES, INC., which could impact its business operations, financial structure, and shareholder rights.

Risk Assessment

Risk Level: medium — Material definitive agreements and changes to corporate structure can introduce new risks or alter existing ones for the company and its investors.

Key Players & Entities

FAQ

What specific material definitive agreement did WRAP TECHNOLOGIES, INC. enter into?

The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.

What modifications were made to the rights of security holders?

The filing states there were material modifications to the rights of security holders, but the exact nature of these modifications is not detailed in the provided text.

Were there any amendments to WRAP TECHNOLOGIES, INC.'s articles of incorporation or bylaws?

Yes, the filing indicates that there were amendments to the articles of incorporation or bylaws.

What is the primary business of WRAP TECHNOLOGIES, INC. according to the SIC code?

According to the Standard Industrial Classification code provided (3480), the company is involved in 'ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES)'.

When is WRAP TECHNOLOGIES, INC.'s fiscal year end?

WRAP TECHNOLOGIES, INC.'s fiscal year ends on December 31st (12-31).

Filing Stats: 1,034 words · 4 min read · ~3 pages · Grade level 13.5 · Accepted 2024-08-23 16:58:10

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, on June 29, 2023, Wrap Technologies, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Series A Purchase Agreement") with certain directors of the Company and certain accredited investors (collectively, the "Series A Investors"), pursuant to which it agreed to sell to the Series A Investors in a registered direct offering: (i) shares of the Company's newly-designated Series A Convertible Preferred Stock, with par value $0.0001 per share and a stated value of $1,000 per share (the "Series A Preferred Stock"); and (ii) warrants to purchase shares of the Company's common stock ("Common Stock"), par value $0.0001 per share (the "Warrants"). The terms of the Series A Preferred Stock are as set forth in the Certificate of Designations filed with the Secretary of State of the State of Delaware (the "Secretary of State") on July 3, 2023 (the "Certificate of Designations"). On August 19, 2024, the Company entered into an Amendment Agreement (the "Amendment") with the Required Holders (as defined in the Certificate of Designations). Pursuant to the Amendment, the Required Holders agreed that (A) the unpaid and accrued dividends on the Series A Preferred Stock due July 1, 2024 (the "July Delinquent Dividend Amount"), shall be payable, at the option of the Company, in (i) cash and/or (ii) shares of Common Stock, at a price per share of Common Stock equal to the lower of (x) $1.00 and (y) the Dividend Conversion Price (as defined in the Certificate of Designations), using July 1, 2024, as the applicable date of determination in accordance with the Certificate of Designations; (B) the dividends due on October 1, 2024 (the "October Dividend Amount" and, together with the July Delinquent Dividend Amount, the "Delinquent Dividend Amounts"), shall be payable in shares of Common Stock based on a per share price of Common Stock equal to 80% of the arithmetic average of the three (3)

03 Material Modification to Rights of Security Holders

Item 3.03 Material Modification to Rights of Security Holders. The matters described in Item 1.01 of this Current Report on Form 8-K related to the Series A Preferred Stock and the filing of the Certificate of Amendment are incorporated herein by reference.

03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year The matters described in Item 1.01 of this Current Report on Form 8-K related to the Series A Preferred Stock and the filing of the Certificate of Amendment are incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 3.1 Certificate of Amendment of Certificate of Designations of Series A Convertible Preferred Stock. 10.1 Form of Amendment, dated August 19, 2024, by and between Wrap Technologies, Inc. and the investors party thereto. 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 23, 2024 By: /s/ Scot Cohen Scot Cohen Chief Executive Officer

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