LOS ANGELES — Wrap Technologies (NASDAQ: WRAP), a global public safety technology company, announced the closing of its previously announced registered direct offering, securing approximately $12 million in gross proceeds. The offering involved the sale of 8,571,609 shares of common stock, or pre-funded warrants in lieu thereof, at a price of $1.40 per share to a fundamental institutional investor and an existing investor.
The company intends to use the net proceeds for general corporate purposes and working capital, including future planned business expansion. Maxim Group LLC served as the sole placement agent for the offering. The transaction, which was structured as a registered direct offering, underscores Wrap's ability to attract investment from institutional sources to support its growth initiatives.
Wrap Technologies is known for its comprehensive public safety portfolio, which includes the BolaWrap 150, a non-lethal restraint device; Wrap Reality, an immersive training platform; WrapVision, a body-worn camera system; WrapTactics training programs; and next-generation counter-unmanned aerial system (C-UAS) solutions such as PAN-DA and the 1KC Kinetic Anti-Drone Cassette. These technologies are designed to address complex challenges facing public safety organizations, defense, and critical infrastructure markets.
The BolaWrap 150, a flagship product, is used by over 1,000 law enforcement agencies across the U.S. and in 60 countries. It deploys a multi-sensory distraction of sight and sound, followed by a non-lethal restraint, aiming to reduce the risk of injury to officers, subjects, and the community. The device is not pain-based and does not shoot, strike, shock, or incapacitate; instead, it helps officers manage non-compliant individuals during the pre-escalation phase of the force continuum. Training for the device is certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST).
Wrap Reality is a fully immersive virtual reality training simulator that provides first responders with realistic, interactive scenarios to enhance decision-making under stress. The platform offers a growing library of real-world situations, aiming to equip officers with the skills and confidence needed for high-stakes encounters.
WrapVision, the company's body-worn camera system, is designed for efficiency, security, and transparency. It captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video quality. The camera, powered by IONODES, features streamlined cloud integration and final North American assembly, with a made-in-America roadmap projected for early 2026. This approach helps ensure data integrity and addresses concerns over unauthorized access or foreign surveillance risks.
The closing of this offering provides Wrap Technologies with additional capital to advance its mission of delivering safer, scalable, and cost-effective technologies for public safety. The funds are expected to support the company's expansion plans as it continues to innovate in the field of non-lethal tools and public safety technology.
For more information about the offering, the full press release is available at https://ibn.fm/S1XsK. For the latest news and updates regarding Wrap Technologies, visit the company's newsroom at https://ibn.fm/WRAP.
This article contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially. Factors that could affect future results are detailed in the company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
