Wrap Technologies, Inc 8-K, filed May 4, 2021
Wrap Technologies, Inc. (WRAP)
8-K
2021-05-04
For: 2021-05-04
View Original
Added on
April 08, 2026
About this 8-K
Wrap Technologies, Inc filed this 8-K on May 4, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): May 4, 2021
WRAP
TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its Charter)
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Delaware
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000-55838
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98-0551945
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(State or other
jurisdiction
of
incorporation)
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(Commission
File No.)
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(IRS
Employer
Identification
No.)
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1817 W 4th
Street, Tempe, Arizona 85281
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(Address of
principal executive offices)
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(800)
583-2652
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(Registrant’s
Telephone Number)
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Not
Applicable
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(Former name or
address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
240.12b-2) ☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act ☐
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.
Item 9.01 Financial Statements and Exhibits
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Exhibit
No.
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Description
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Press Release Dated May 4,
2021
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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WRAP TECHNOLOGIES, INC.
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Date: May 4,
2021
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By:
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/s/ James A.
Barnes
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James A.
Barnes
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Chief Financial
Officer, Treasurer and Secretary
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Exhibit Index
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Exhibit
No.
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Description
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Press Release Dated May 4,
2021
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Exhibit
99.1
LAPD Board of Police Commissioners Approves
One-Year BolaWrap Pilot Program
Extension
TEMPE,
Arizona, May 4, 2021 -- Wrap Technologies, Inc.
(the "Company" or "WRAP") (Nasdaq: WRAP), a global leader in
innovative public safety technologies and services, reported that
the Los Angeles Board of Police Commissioners
(“Commission”) has approved a one-year extension of the
BolaWrap pilot program (“BolaWrap Pilot Program”), an
item on the agenda for the
Commission’s May 4, 2021 Special Meeting, which took place
earlier today.
In August 2020, following a previous report from the Chief
of Police of the Los Angeles Police Department (“LAPD”)
to the Commission, the Commission approved a six-month extension of
the BolaWrap Pilot Program that expired in February 2021,
concluding the initial 360-day review of the BolaWrap remote
restraint device.
An LAPD report dated April 28, 2021
(“Report”), linked to
today’s Special Meeting agenda, recommended that the
Commission review and approve a one-year extension of the BolaWrap
Pilot Program. The Commission voted to approve the one-year pilot
extension of the BolaWrap Pilot Program in two Los Angeles
divisions.
The Report included results from the initial
BolaWrap Pilot Program, which expired in February 2021, and yielded
data regarding BolaWrap deployment, operations, and results from
the use of the device in the field. The LAPD submitted
recommendations to the Company to improve serviceability of the
BolaWrap. The Company has already addressed several
recommendations, and the rest are anticipated to be addressed in
the next few months. Due to an insufficient sample size during the
initial BolaWrap Pilot Program, the Report recommended that the
BolaWrap Pilot Program resume for one year at the LAPD’s
Hollywood and Central divisions prior to the LAPD’s final
evaluation. The Hollywood and Central divisions were selected due
to the high volume of calls where the BolaWrap may be
useful.
For a complete review of the findings of the
LAPD, see the full Report which is available by clicking this
link.
Field use bodycam videos of the BolaWrap by
other police departments across the United States can be viewed
here.
About
WRAP
WRAP Technologies
(Nasdaq: WRAP) is a global leader in innovating public safety
technologies and services that deliver advanced solutions focused
on avoiding escalation. The BolaWrap® Remote Restraint device,
WRAP's first product, is a patented, hand-held device that
discharges a Kevlar® tether to temporarily restrain from a
safe distance. Through many field uses and growing adoption by
agencies worldwide, BolaWrap is proving to be an effective tool to
safely detain persons without injury. WRAP Reality, the Company's
virtual reality training system, is an immersive training simulator
and comprehensive public safety training platform designed to
empower first responders with the necessary knowledge to perform in
the field. WRAP's headquarters is located in Tempe, Arizona. For
more information, please visit wrap.com.
Follow WRAP
here:
WRAP on
Facebook: https://www.facebook.com/wraptechnologies/
WRAP on
Twitter: https://twitter.com/wraptechinc
WRAP on
LinkedIn: https://www.linkedin.com/company/wraptechnologies/
Trademark
Information
BolaWrap, Wrap and Wrap Reality are trademarks
of Wrap Technologies, Inc. All other trade names used herein are
either trademarks or registered trademarks of the respective
holders.
Cautionary Note on
Forward-Looking Statements - Safe Harbor
Statement
This press release contains "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including but
not limited to: statements regarding the Company's overall
business; total addressable market; and, expectations regarding
future sales and expenses. Words such as "expect", "anticipate",
"should", "believe", "target", "project", "goals", "estimate",
"potential", "predict", "may", "will", "could", "intend", and
variations of these terms or the negative of these terms and
similar expressions are intended to identify these forward-looking
statements. Moreover, forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company's control. The Company's
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors, including
but not limited to: the Company's ability to successful implement
training programs for the use of its products; the Company's
ability to manufacture and produce product for its customers; the
Company's ability to develop sales for its new product solution;
the acceptance of existing and future products; the availability of
funding to continue to finance operations; the complexity, expense
and time associated with sales to law enforcement and government
entities; the lengthy evaluation and sales cycle for the Company's
product solution; product defects; litigation risks from alleged
product-related injuries; risks of government regulations; the
business impact of health crises or outbreaks of disease, such as
epidemics or pandemics; the ability to obtain export licenses for
countries outside of the US; the ability to obtain patents and
defend IP against competitors; the impact of competitive products
and solutions; and the Company's ability to maintain and enhance
its brand, as well as other risk factors mentioned in the Company's
most recent annual report on Form 10-K, quarterly report on Form
10-Q, and other SEC filings. These forward-looking statements are
made as of the date of this press release and were based on current
expectations, estimates, forecasts and projections as well as the
beliefs and assumptions of management. Except as required by law,
the Company undertakes no duty or obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or changes in its
expectations.
Contact:
Paul M. Manley
VP – Investor
Relations
(612) 834-1804
pmanley@wrap.com