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WRAP TECHNOLOGIES, INC.

(WRAP)
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WRAP TECHNOLOGIES, INC. : Other Events (form 8-K)

05/04/2021 | 05:28pm EDT

Item 8.01 Other Events.

On May 4, 2021, Wrap Technologies, Inc. (the "Company") issued a press release to announce the extension of the BolaWrap pilot program (the "BolaWrap Pilot Program") by the Los Angeles Police Department Board, which extension was unanimously approved by the Los Angeles Police Commission (the "Commission") at the Commission's May 4, 2021 special meeting ("Meeting").

At the Meeting, the Commission considered a report by the Chief of Police, dated April 28, 2021 ("Report"), which, in addition to its findings, recommended a one-year extension of the BolaWrap Pilot Program. In its Report, the LAPD utilized a more narrow definition of effectiveness than a prior report issued in August 2020, and focused only on one specific aspect, complete tether wraps. This resulted in two out of ten effective wraps versus six out of nine previously reported in August 2020 under the broader definition, which defined effectiveness as the suspect being taken into custody without the requirement to use additional or heightened force, including deadly force. As the Company previously stated, various agencies define success and effectiveness differently. As part of the Company's planned training to LAPDs Hollywood and Central divisions, lessons learned from numerous field uses will be shared to achieve optimal outcomes for use of BolaWrap.

The Report also identified a product enhancement matter (Company Training Bulletin 2.1-02, dated June 23, 2020) where the Company offered customers the option to upgrade the BolaWrap to a fixed firing pin. The BolaWrap was designed to meet the Voluntary Performance Standards Criteria for Evaluation of New Firearms Designs Under Conditions of Abusive Mishandling for the Use of Commercial Manufacturers, issued by the Sporting Arms and Ammunition Manufacturer's Institute, Inc. (SAAMI). The BolaWrap was independently tested and found to meet or exceed all applicable SAAMI standards. The Company, as do other manufacturers, routinely makes upgrades, model enhancements and quality improvements. LAPD withdrew the BolaWrap devices from the field in June 2020 and elected to have the BolaWrap upgrade modification which was completed and subsequently returned within a few days. The initial 360-day pilot program resumed and was completed in February 2021.

A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 10,2 M - -
Net income 2021 -19,1 M - -
Net Debt 2021 - - -
P/E ratio 2021 -18,2x
Yield 2021 -
Capitalization 348 M 348 M -
Capi. / Sales 2021 34,3x
Capi. / Sales 2022 12,6x
Nbr of Employees 52
Free-Float 57,4%
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Technical analysis trends WRAP TECHNOLOGIES, INC.
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 9,92 $
Last Close Price 9,18 $
Spread / Highest target 19,8%
Spread / Average Target 8,02%
Spread / Lowest Target -4,68%
EPS Revisions
Managers and Directors
NameTitle
Thomas P. Smith President & Chief Executive Officer
James A. Barnes Chief Financial Officer, Secretary & Treasurer
Scot J. Cohen Executive Chairman
Elwood G. Norris Chief Technology Officer
Michael Parris Independent Director
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