Wrap Technologies, Inc 8-K, filed Jul 2, 2021
Wrap Technologies, Inc. (WRAP)
8-K
2021-07-02
For: 2021-07-01
View Original
Added on
April 08, 2026
About this 8-K
Wrap Technologies, Inc filed this 8-K on July 2, 2021, reporting on events of July 1, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- 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): July 1, 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:
☐ 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))
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Common
Stock, par value $0.0001 per share
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WRAP
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Nasdaq
Capital Market
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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)
Emerging Growth Company [X]
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 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.
Item 8.01. Other Events.
See
Item 5.02.
Item 9.01 Financial Statements and Exhibits
See
Exhibit Index.
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:
July 2, 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
July 2, 2021
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Exhibit 99.1
WRAP Appoints Public Safety Technology Executive Glenn Hickman as
Chief Operating Officer
Former Axon Enterprises product leader to continue advancing
BolaWRAP family of products
Elwood “Woody” Norris retiring from CTO Role, remain as
strategic consultant
TEMPE, Arizona, July 2, 2021 -- Wrap Technologies, Inc. (the
"Company" or "WRAP") (Nasdaq: WRAP), a global leader in innovative public safety
technologies and services, announced the appointment of Glenn
Hickman as Chief Operating Officer. Hickman will work closely with
the growing engineering and operations teams to continue building
out WRAP’s product lines. Woody Norris, inventor of the
BolaWRAP, retired as CTO at the end of June and will continue to
play an active role at WRAP as a strategic consultant focusing on
new innovations.
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.
“I
am proud to have Glenn join our executive team and work with Woody
to continue the advancement of our BolaWRAP and WRAP Reality family
of products,” said Tom Smith, President and CEO at WRAP.
“As Woody continues to work on true innovation projects at
WRAP, it is reassuring to know that Glenn will also be working to
help drive new product development and organizational processes.
Glenn’s impressive experience will be invaluable for WRAP as
we grow.”
"I am
excited to join WRAP to help develop and deliver solutions that
solve the difficult problems facing law enforcement and their
communities,” said Hickman. “The strong team that WRAP
is assembling will continue to generate innovations around
Woody’s original BolaWRAP invention and WRAP’s recently
launched WRAP Reality platform.”
Woody
Norris has had a long, distinguished career, authoring more than 80
US patents as an award-winning American inventor and serial
entrepreneur. He will continue to work on breakthrough technologies
for WRAP while also taking some well-deserved time for
himself.
About WRAP
WRAP
Technologies (Nasdaq: WRAP) is a global leader in innovative public
safety technologies and services. WRAP develops creative solutions
to complex issues and empowers public safety officials to safely
protect and effectively serve their communities through its
portfolio of advanced technology and superior training
solutions.
WRAP’s BolaWRAP® Remote Restraint device is a patented,
hand-held pre-escalation and apprehension tool that discharges a
Kevlar® tether to temporarily restrain uncooperative suspects
and persons in crisis from a distance. Through its many field uses
and growing adoption by agencies across the globe, BolaWRAP
is proving
to be an effective tool to safely
detain persons without injury or the need to use higher levels of
force.
WRAP
Reality, the Company’s virtual reality training system, is a
fully immersive training simulator and comprehensive public safety
training platform providing first responders with the discipline
and practice in methods of de-escalation, conflict resolution, and
use-of-force to better perform in the field.
WRAP’s headquarters are 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 successfully 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
Media Contact: media@wrap.com