Item 8.01 Other Events
In June 2019, Wrap Technologies, Inc. (the "Company") completed the sale of a
total of 1,923,076 units to certain accredited investors, consisting of an
aggregate of 1,923,076 shares of the Company's common stock, par value $0.0001
per share ("Common Stock"), and Common Stock purchase warrants to purchase up to
1,923,076 shares of Common Stock (the "Investor Warrants") (the "Offering"). The
Warrants had a two-year term, which term expired on June 18, 2021, and were
exercisable for $6.50 per share.
The Company also issued warrants to the placement agents for the Offering to
purchase an aggregate of 153,846 shares of Common Stock (the "Agent Warrants").
The Agent Warrants had a two-year term, which term expired on June 18, 2021, and
were exercisable for $8.125 per share.
Prior to the expiration of the Investor Warrants and the Agent Warrants,
1,922,999 Investor Warrants and 153,692 Agent Warrants were exercised, resulting
in proceeds to the Company of approximately $12.5 million, of which
approximately $12.05 million was received during the current fiscal quarter
ending June 30, 2021. Following the exercise of the Investor Warrants and Agent
Warrants, the Company now has 39,870,137 shares of Common Stock issued and
outstanding.
The Offering was conducted pursuant to the Company's effective shelf
registration statement on Form S-3 (File No. 333-228974), filed with the
Securities and Exchange Commission ("SEC") on December 21, 2018, and declared
effective on February 14, 2019. A prospectus supplement and the accompanying
base prospectus relating to the Offering was filed with the SEC on June 14,
2019. Additional information about the Offering is available in the Company's
Current Report on Form 8-K filed on June 18, 2019.
On June 21, 2021 the Company issued a press release press release announcing the
exercise and expiration of the Investor and Agent Warrants. A copy of the
Company's press release is attached to this Current Report on Form 8-K as
Exhibit 99.1.
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