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WRAP TECHNOLOGIES, INC.

(WRAP)
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WRAP TECHNOLOGIES, INC. : Change in Directors or Principal Officers (form 8-K)

07/02/2021 | 05:28pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On July 1, 2021, Wrap Technologies, Inc. (the "Company") announced the appointment of Glenn Hickman as Chief Operating Officer ("COO"). Since March 2021, Mr. Hickman has served as a consultant to the Company, and following his appointment as COO, Mr. Hickman will continue to work closely with the growing engineering and operations teams to continue building out the Company's product lines.

Hickman is a proven executive with extensive research and development, supply chain, manufacturing, and software engineering experience. Hickman worked at Axon Enterprises (formerly TASER International) from 2011-2019, serving as Vice President of Research and Development from 2014-2019. At Axon, Hickman led the launch of six hardware products, all connected to an ecosystem of cloud software and mobile apps. He created engineering and supply chain processes and grew the engineering team from 35 to 70. Hickman was responsible for establishing the company's first manufacturing line in Shenzhen, China, and an optics engineering team in Finland.

Hickman graduated with distinction from Stanford University, receiving his Bachelor and Master of Science in Mechanical Engineering. Hickman received his MBA with honors from Northwestern University's Kellogg School of Management with a double major in Strategy and Marketing.

In his capacity as COO, Mr. Hickman will be an at-will employee, and shall be paid an annual base salary of $225,000 per year. In connection with his appointment as a consultant, Mr. Hickman was issued (i) a seven year option to purchase 70,000 shares of the Company's common stock at an exercise price of $5.50 per share ("Option"), and (ii) 30,000 shares of restricted stock ("RSUs"). The RSUs vest 33.33% on July 1, 2022 with the balance vesting ratably every six months over the next two years thereafter. The Option vests 33.33% on July 1, 2022 with the balance vesting ratably every month beginning August 1, 2022 over the next two years thereafter.

On July 1, 2021, Woody Norris, inventor of the BolaWrap, retired from the Company as Chief Technology Officer. Mr. Norris will continue to play an active role at the Company as a consultant focusing on new innovations.

A copy of the press release announcing the appointment of Mr. Hickman and Mr. Norris' retirement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference herein.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 8,93 M - -
Net income 2021 -25,3 M - -
Net Debt 2021 - - -
P/E ratio 2021 -9,78x
Yield 2021 -
Capitalization 260 M 260 M -
Capi. / Sales 2021 29,1x
Capi. / Sales 2022 9,91x
Nbr of Employees 52
Free-Float 60,1%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 6,42 $
Average target price 9,42 $
Spread / Average Target 46,7%
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Managers and Directors
Thomas P. Smith President, Chief Executive Officer & Director
James A. Barnes Chief Financial Officer, Secretary & Treasurer
Patrick Kinsella Chairman
Glenn Hickman Chief Operating Officer
Michael Parris Independent Director
Sector and Competitors