Wrap Technologies Secures $5.8M in Private Placement of Securities

Core Viewpoint - Wrap Technologies has executed a securities purchase agreement for a private placement, raising approximately $5.8 million through the sale of 3,216,666 shares of common stock at $1.80 per share, along with warrants for the same number of shares [1][2]. Financing Highlights - The private placement is subject to customary closing conditions and is expected to close around February 28, 2025 [2]. - The net proceeds from the offering will be utilized for working capital and general corporate purposes [2]. - The securities were sold in transactions exempt from registration requirements under the Securities Act, relying on specific exemptions [4]. Company Overview - Wrap Technologies is a global provider of advanced public safety solutions, focusing on innovative technology and comprehensive services to enhance public safety [6]. - The company's flagship product, BolaWrap, is a remote restraint device designed to safely restrain individuals from a distance, aiming to prevent escalation and save lives [7]. - Wrap Reality™ is an advanced virtual reality training system that prepares first responders for real-life scenarios, enhancing their ability to manage conflicts and apply appropriate measures [8]. Investment and Market Strategy - The majority of the investment in the private placement comes from partnerships affiliated with insiders and existing investors, supporting the go-to-market strategy for BolaWrap and Managed Safety and Response (MSR) [9]. - The funding will accelerate the company's commitment to delivering Made-in-America public safety solutions and enhance training and customer support for BolaWrap programs [9].