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
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